CARAVAN MOBILE HOME SALES v. LEHMAN BROS. KUHN LOEB

No. 84-2099.

769 F.2d 561 (1985)

CARAVAN MOBILE HOME SALES, INC., Retirement Trust and Caravan Mobile Home Sales, Inc., Profit Sharing Trust, on Behalf of themselves and all other similarly situated, Plaintiffs/Appellants, v. LEHMAN BROTHERS KUHN LOEB, INC., a Maryland corporation; Philip Parham; Frederick Frank, Defendants/Appellees.

United States Court of Appeals, Ninth Circuit.

Decided August 20, 1985.


Attorney(s) appearing for the Case

Perry A. Irvine, David L. Cooper, Irvine & Cooper, Palo Alto, Cal., for plaintiffs/appellants.

Patrick J. Mahoney, Kristen W. Maloney, Cooley, Godward, Castro, Huddleson & Tatum, Palo Alto, Cal., Cleary, Gottlieb, Steen & Hamilton, Edwin B. Mishkin, Judith A. Ripps, Mitchell A. Lowenthal, New York City, for defendants/appellees.

Before SNEED, TANG and CANBY, Circuit Judges.


CANBY, Circuit Judge:

Edwin Parish, the sole trustee of two employee trusts of Caravan Mobile Home Sales, Inc. (Caravan) brought this action for securities fraud on behalf of Caravan against Lehman Brothers Kuhn Loeb, Inc., Frederick Frank, and Phillip Parham. Caravan alleged that the defendants traded on inside information and breached a fiduciary duty. The district court entered summary judgment in favor of the defendants on the federal securities claims and dismissed...

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