IIT, AN INTERNATIONAL INVESTMENT TRUST, and Georges Baden, Jacques Delvaux and Ernest Lecuit, as Liquidators for IIT, an International Investment Trust, Plaintiffs-Appellants,
v.
Bernard CORNFELD, Carl Johan Bernadotte, Martin Brooke, C. Henry Buhl, III, Joop Melse, Erich Mende, Beat Notz, Pierre Rinfret, James Roosevelt, Melvin Rosen, Barry Sterling, Moritz Von Hessen, Henry Von Maur, Arthur Lipper Corporation, Arthur Lipper, III, Arthur Andersen & Co., James E. Bye, Stanley B. Hallman, James B. Kuhn, Lawrence Ocrant, E. Keene Wolcott, Adams & Peck, Bear, Stearns & Co., Burnham and Company, Emanual Deetjen & Co., Irving Lundborg & Co., Burnham & Company, Incorporated, Drexel Burnham & Co., Inc. and Does 1 through 10, Defendants-Appellees.
United States Court of Appeals, Second Circuit.https://leagle.com/images/logo.png
Argued October 24, 1979.
Decided March 17, 1980.
Attorney(s) appearing for the Case
Eugene R. Anderson, New York City (Anderson, Russel, Kill & Olick, P.C., Neal J. Morse, New York City, of counsel), and Detlev F. Vagts, Cambridge, Mass., for plaintiffs-appellants.
Stephen A. Weiner, New York City (Winthrop, Stimson, Putnam & Roberts, Robert J. Sussman, New York City, of counsel), for defendants-appellees, Adams & Peck, Bear, Stearns & Co., Burnham and Co. Inc. and Drexel Burnham & Co. Inc.
Edward J. Ross, New York City (Breed, Abbott & Morgan, James R. Peterson, New York City, of counsel), and Wilson & McIlvaine, Charles W. Boand, Chicago, Ill., of counsel for defendant-appellee, Arthur Andersen & Co.
Di Falco Amhurst Smithson Tannenbaum & Duval, New York City (Howard Sanford Klotz, New York City, of counsel), for defendants-appellees, Arthur Lipper Corp. and Arthur Lipper III.
Ralph C. Ferrara, Gen. Counsel, Jacob H. Stillman, Associate Gen. Counsel, Elisse B. Walter, Sp. Counsel, Robert Lipsher, Atty., Washington, D.C., for amicus curiae, Securities and Exchange Commission.
Before FRIENDLY, OAKES and NEWMAN, Circuit Judges.
United States Court of Appeals, Second Circuit.
FRIENDLY, Circuit Judge:
This is an appeal from an order of the District Court for the Southern District of New York dismissing, for want of subject-matter jurisdiction, a Rule 10b-5 action by a Luxembourg investment trust and its liquidators, 462 F.Supp. 209 (1978). It again raises vexing questions with respect to the reach of the anti-fraud provisions of our securities laws with respect to transactions having substantial foreign...
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