IN RE NEW YORK CITY MUNICIPAL SECURITIES LITIGATION

MDL 314.

507 F.Supp. 169 (1980)

In re NEW YORK CITY MUNICIPAL SECURITIES LITIGATION.

United States District Court, S. D. New York.

January 25, 1980.


Attorney(s) appearing for the Case

Pomerantz, Levy, Haudek & Block, New York City by Richard M. Meyer, Eugene H. Zagat, Jr., William E. Haudek, New York City, for Friedlandler class plaintiffs.

Gold, Farrell & Marks by Thomas R. Farrell, New York City, for Spector class plaintiffs.

William M. Weisberg, New York City, for plaintiffs Goldfarb and Weisberg.

Teitler & Teitler by Michael F. Teitler, New York City, for plaintiff World Airways, Inc.

Allen G. Schwartz, Corp. Counsel by Bruce S. Kaplan, Chief Asst. Corp. Counsel, John F. Grubin, Steven Been, James M. Kaplan, Asst. Corp. Counsels, New York City, of counsel, for municipal defendants City of New York, Abraham Beame and Harrison Goldin.

Barry R. Ostrager, Kathleen Schaaf, Simpson, Thacher & Bartlett, New York City, for Manufacturers Hanover Trust Co.

Irwin J. Sugarman, Schulte & McGoldrick, New York City, for Ehrlich-Bober & Co., Inc.

Robert P. Beshar, New York City, for Weeden & Co.

M. William Munno, Paul Batista, Seward & Kissel, New York City, for Bank of America.

Stephen A. Weiner, Robert J. Sussman, Winthrop, Stimson, Putnam & Roberts, New York City, for Bear, Stearns & Co.

Laura B. Hoguet, Richard J. Holwell, White & Case, New York City, for Bankers Trust Co.

Ronald L. Cohen, Donovan, Leisure, Newton & Irvine, New York City, for A. G. Becker & Co., Inc.

Thomas A. Shaw, Jr., Breed, Abbott & Morgan, New York City, Paul B. Galvani, George M. Moriarty, Ropes & Gray, Boston, Mass., for First Nat. Bank of Boston.

Evan A. Davis, Edmund H. Kerr, Cleary, Gottlieb, Steen & Hamilton, New York City, for Salomon Bros.

Lowell G. Harriss, Davis, Polk & Wardwell, New York City, for Morgan Guaranty Trust Co.

W. Foster Wollen, Paul A. Merolla, Shearman & Sterling, New York City, for Citibank, N. A.

Richard C. Casey, Joseph G. Riemer, III, Brown, Wood, Ivey, Mitchell & Petty, New York City, for Merrill Lynch, Pierce, Fenner & Smith, Inc.

Gregory A. Markel, Cravath, Swaine & Moore, New York City, for Chemical Bank.

Jon Paul Robbins, Nitkin, Alkalay, Handler & Robbins, New York City, for First Pennco Securities Inc.

Briscoe R. Smith, Toni C. Lichstein, Milbank, Tweed, Hadley & McCloy, New York City, for The Chase Manhattan Bank, Nat. Assn.


OPINION

OWEN, District Judge.

In this multi-faceted litigation, before me for pretrial purposes pursuant to an order of the Judicial Panel on Multidistrict Litigation, there are various motions to dismiss. These actions have a common origin in the near financial collapse of the City of New York in late 1974 and early 1975.1 The several complaints allege that the City of New York, former Mayor Abraham Beame

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