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LITTLE v. VALLEY NAT. BANK OF ARIZONA

No. 79-3122.

650 F.2d 218 (1981)

Mary E. LITTLE, et al., Plaintiffs-Appellees, v. The VALLEY NATIONAL BANK OF ARIZONA, a national banking association, Defendant-Appellant.

United States Court of Appeals, Ninth Circuit.

Decided July 10, 1981.

Attorney(s) appearing for the Case

Richard A. Segal, Gust, Rosenfeld, Divelbess & Henderson, Phoenix, Ariz., for defendant-appellant.

John F. Wells, Stark, Stewart, Wells & Robinson, Oakland, Cal., argued, for plaintiffs-appellees; John F. Banker, Banker & Linderman, Tiburon, Cal., on brief.

Before WRIGHT and FLETCHER, Circuit Judges, and PECKHAM, District Judge.

FLETCHER, Circuit Judge:

This is a class action1 brought by some five hundred investors who purchased debentures of the United States National Bank (USNB) from First California Company (FCC), a brokerage house. Both USNB and FCC are now defunct. The plaintiffs brought suit against C. Arnholt Smith, president of USNB; Michael Coen, president of FCC; FCC; and Valley National Bank of Phoenix (VNB). The liability of all four defendants was...

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