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SEIDEL v. PUBLIC SERVICE CO. OF NEW HAMPSHIRE

Civ. Nos. 84-197-D, 84-205-D, 84-206-D, 84-220-D, 84-250-D, 84-280-D, 84-289-D, 84-330-D, 84-358-D, 84-383-D, 84-410-D, 84-541-D, 85-79-D and 85-287-D.

616 F.Supp. 1342 (1985)

Reba A. SEIDEL v. PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE; Charles E. Bayless; William T. Frain, Jr.; Robert J. Harrison; David N. Merrill; William C. Tallman; and Peat, Marwick Mitchell & Co. Ruth STEPAK v. PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE; Peat, Marwick Mitchell & Co.; Charles E. Bayless; William T. Frain, Jr.; Robert J. Harrison; David N. Merrill; William C. Tallman. ZUCKER ASSOCIATES, INC., on behalf of PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE v. George A. DORR, Jr.; Philip S. Dunlap; Priscilla K. Frechette; Robert J. Harrison; David N. Merrill; Ann R. Moody; John J. Reilly, Jr.; Philip B. Ryan; John T. Schiffman; William M. Scranton; Edward M. Shapiro; William C. Tallman; Hugh C. Tuttle; Richard E. West; and Public Service Company of New Hampshire, a nominal defendant. Robert MARKEWICH, derivatively on Behalf of PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE v. William C. TALLMAN; Robert J. Harrison; David N. Merrill; Charles E. Bayless; D. Pierre G. Cameron, Jr.; George S. Thomas; George Branscombe; Robert G. Ouellette; George A. Dorr, Jr.; Phillip S. Dunlap; Priscilla K. Frechette; Harlan L. Goodwin; Ann R. Moody; John J. Reilly, Jr.; William M. Scranton; Edward M. Shapiro; Hugh C. Tuttle; Richard E. West; David S. Williams; United Engineers and Constructors, Inc.; and Public Service Company of New Hampshire, a nominal defendant. Jonathan JACOBS, individually and on behalf of those similarly situated v. PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE; Charles E. Bayless; William T. Frain, Jr.; Robert J. Harrison; David N. Merrill; William C. Tallman; Peat, Marwick Mitchell & Co.; Blyth Eastman Paine Webber, Incorporated; Kidder Peabody & Co., Incorporated; Shearson/American Express, Inc., individually and as representatives of a defendant class. Honor BOTOS; and Sidney J. Silver, Trustees of the Printing Management Services, Inc., Pension Plan, derivatively and on behalf of Public Service Company of New Hampshire v. W.C. TALLMAN; G.A. Darr, Jr.; H.L. Goodwin; Priscilla K. Frechette; R.J. Harrison; P.S. Dunlap; John J. Reilly, Jr.; D.N. Merrill; H.C. Tuttle; R.E. West; D.S. Williams; W.M. Scranton; E.M. Shapiro; Public Service of New Hampshire, nominal defendant. Jean FENDALL, individually and on Behalf of those similarly situated v. PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE; Charles E. Bayless; William T. Frain, Jr.; Robert J. Harrison; David N. Merrill; William C. Tallman; Peat, Marwick Mitchell & Co. Joseph LINDENBAUM v. PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE; Charles E. Bayless; William T. Frain, Jr.; Robert J. Harrison; David N. Merrill; William C. Tallman; Peat, Marwick Mitchell & Co. Alfred J. CICCI, as Trustee for the Sophiann Cicci Trust v. PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE; Charles E. Bayless; William T. Frain, Jr.; Robert J. Harrison; David N. Merrill; William C. Tallman; Ann R. Moody; John J. Reilly, Jr.; Philip B. Ryan; William Scranton; Edward W. Shapiro; Richard E. West; Kidder, Peabody & Co., Incorporated; Blyth Eastman Paine Webber, Incorporated; Shearson/American Express, Inc.; Peat, Marwick Mitchell & Co. PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE, derivatively by HABER CRUSHED FRUIT CO. PENSION TRUST v. William C. TALLMAN; Robert J. Harrison; David N. Merrill; Charles E. Bayless; D. Pierre G. Cameron, Jr.; George S. Thomas; George Branscombe; Robert G. Ouellette; George A. Dorr, Jr.; Phillip S. Dunlap; Priscilla K. Frechette; Harlan L. Goodwin; Ann R. Moody; John J. Reilly, Jr.; William M. Scranton; Edward M. Shapiro; Hugh C. Tuttle; Richard E. West; David S. Williams; United Engineers and Constructors, Inc.; and Public Service Company of New Hampshire (nominal defendant). Diana BRAWER v. PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE; Charles E. Bayless; David N. Merrill; William C. Tallman; Peat, Marwick Mitchell & Co.; Kidder, Peabody & Co., Incorporated; Blyth Eastman Paine Webber Incorporated; Shearson/American Express, Inc. Reba A. SEIDEL; Ruth Stepak; Jonathan Jacobs; Jean Fendall; Joseph Lindenbaum; Alfred J. Cicci, as Trustee for the Sophiann Cicci Trust; and Diana Brawer, each individually and on behalf of those similarly situated v. PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE; Charles E. Bayless; William T. Frain, Jr.; Robert J. Harrison; David N. Merrill; William C. Tallman; Peat, Marwick Mitchell & Co.; Blyth Eastman Paine Webber Incorporated; Kidder Peabody & Co., Incorporated; Shearson/American Express, Inc., individually and as representatives of a defendant class. Reba A. SEIDEL; Ruth Stepak; Jonathan Jacobs; Jean Fendall; Joseph Lindenbaum; Alfred J. Cicci, as Trustee for the Sophiann Cicci Trust; Diana Brawer, each individually and on behalf of those similarly situated v. ROPES & GRAY; Sulloway, Hollis & Soden. Nedra FISCHER, individually and on Behalf of those similarly situated v. PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE; Charles E. Bayless; William T. Frain, Jr.; Robert J. Harrison; David N. Merrill; William C. Tallman; Peat, Marwick Mitchell & Co.; Ropes & Gray; Sulloway, Hollis & Soden; Blyth Eastman Paine Webber Incorporated; Kidder Peabody & Co. Incorporated; Shearson/American Express, Inc., individually and as representatives of a defendant class.

United States District Court, D. New Hampshire.

August 27, 1985.

Attorney(s) appearing for the Case

Law Office of Kenneth G. Bouchard by Kenneth G. Bouchard, Mark Mallory, Manchester, N.H., Morris & Rosenthal by Irvin Morris, Kevin Gross, Wilmington, Del., Kohn, Savett, Marion & Graf, P.C. by Stuart H. Savett, David H. Weinstein, Robert J. LaRocca, Barbara A. Podell, Philadelphia, Pa., for Seidel, Stepak, Jacobs, Fendall, Lindenbaum, Cicci and Brawer.

Kenneth G. Bouchard, Manchester, N.H., Harvey Greenfield, New York City, Berman DeValerio & Pease by Glen DeValerio, Norman Berman, Boston, Mass., for Stepak.

Stull, Stull & Brody by Richard J. Stull, John Daley, Robert A. Stull, Jules Brody, New York City, Sanders & McDermott, Hampton, N.H., for Zucker Associates, Inc.

Perkins & Upshall, P.A. by Frederick E. Upshall, Jr., Concord, N.H., for Markewich, Botos, Silver, PSC of N.H.

Wolf, Haldenstein, Adler, Freeman & Herz by Fred Taylor Isquith, New York City, for Markewich.

Levin & Fishbein by Arnold Levin, Howard J. Sedran, Philadelphia, Pa., for Botos and Silver.

Alvin J. Ivers, P.C. by Alvin J. Ivers, Philadelphia, Pa., for Fendall.

Schoengold & Sporn, P.C. by Samuel P. Sporn, Moshe Balsam, Richard Appleby, New York City, for Lindenbaum.

Goodkind, Wechsler, Labaton & Rudoff by Robert S. Schachter, Law Offices of Joseph H. Weiss by Joseph H. Weiss, New York City, for Cicci.

Greenfield, Chimicles & Lewis by Carole A. Broderick, Haverford, Pa., for PSC of N.H.

A. Arnold Gershon, New York City, for Brawer.

Law Office of Kenneth G. Bouchard by Kenneth G. Bouchard, Mark Mallory, Manchester, N.H., Gross & Sklar, P.C. by Eugene A. Spector, Bernard M. Gross, Jay Sacks Cohen, Philadelphia, Pa., for Fischer.

Brown & Nixon by David W. Hess, Manchester, N.H., Sidley & Austin by Robert D. McLean, Michael J. Sweeney, David D. Hiller, Chicago, Ill., for Peat, Marwick Mitchell & Co.

Sulloway, Hollis & Soden by Irvin D. Gordon, Concord, N.H., Cahill, Gordon & Reindel by David R. Hyde, Thomas R. Jones, Gary W. Wolf, R. Anthony Zeiger, New York City, for PSC of N.H., Bayless, Frain, Harrison, Merrill, Tallman, Dorr, Dunlap, Frechette, Moody, Reilly, Ryan, Schiffman, Scranton, Shapiro, Tuttle, West, Cameron, Thomas, Branscombe, Ouellette, Goodwin and Williams.

Pierre O. Caron, Associate Gen. Counsel, Manchester, N.H., for PSC of N.H., Bayless, Frain, Harrison, Merrill and Tallman.

Sheehan, Phinney, Bass & Green by Bradford E. Cook, Manchester, N.H., for Shapiro.

McLane, Graf, Raulerson & Middleton by Jack B. Middleton, Manchester, N.H., Schnader, Harrison, Segal & Lewis by Bernard J. Smolens, John E. McKeever, Philadelphia, Pa., for United Engineers and Constructors, Inc.

Gallagher, Callahan & Gartrell by Michael R. Callahan, Concord, N.H., Cravath, Swaine & Moore by Alan J. Hruska, Stephen S. Madsen, Sheryl E. Reich, New York City, for Blyth Eastman Paine Webber Inc., Kidder Peabody & Co. Inc. and Shearson/American Exp. Inc.

Sheehan, Phinney, Bass & Green by Michael C. Harvell, Manchester, N.H., Debevoise & Plimpton by Robert J. Geniesse, Thomas Carroll, Washington, D.C., for Ropes & Gray.

Wadleigh, Starr, Peters, Dunn & Chiesa by John E. Friberg, Manchester, N.H., Widett, Slater & Goldman, P.C. by James S. Dittmar, David J. Brody, Eileen M. Herlihy, Boston, Mass., for Sulloway, Hollis & Soden.

OPINION AND ORDER

DEVINE, Chief Judge.

In this securities litigation, the Court has before it for resolution after hearing the issues raised by motions to dismiss filed by the respective defendants.

These fourteen actions, consolidated for convenience, have been brought by irate shareholders of Public Service Company of New Hampshire ("PSNH"). Their source is to be found in the efforts of PSNH, the largest electrical utility in New Hampshire, to...

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