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SCHEIN v. LAMAR

0365

284 S.C. 252 (1985)

325 S.E.2d 573

Sadie G. SCHEIN, individually and on behalf of all other Capital Note Holders of American Bank & Trust, Respondents, v. Howard H. LAMAR, Jr., H. Ciremba Amick, Augustus T. Allen, Douglas R. Bryant, Sr., Robert B. Fickling, Dr. James H. Gressette by his guardian ad litem Mary S. Gressette, Jack G. Valentine, Marshall B. Williams, J.W. Wall, Jr., Albert E. Odom, William H. Grier, Luther H. Adden, Jr., Forrest K. Abbott, and Watt E. Smith, II, Appellants.

Court of Appeals of South Carolina.

Decided January 14, 1985.

Attorney(s) appearing for the Case

John Algar and J. Randolph Pelzer of Pelzer & Chard, North Charleston, Douglas McKay, Jr., of McKay & McKay, Henry Hammer of Hammer & Bernstein, Jeter E. Rhodes, Jr., of Whaley, McCutchen & Blanton, Donald W. Tyler, Columbia, and Terry E. Richardson, Jr., of Blatt & Fales, Barnwell, for appellants.

Isadore E. Lourie of Lourie, Curlee, Swerling & Popowski and Randall M. Chastain, Columbia, for respondents.

Heard Sept. 20, 1984.

Decided Jan. 14, 1985.

Per Curiam:

This action arises from the sale of certain capital notes of the American Bank & Trust Company (the Bank). Sadie Schein alleges she is the purchaser and holder of one of the notes. She seeks to bring a class action against the directors of the Bank (the Directors), for common law fraud, violation of the South Carolina Securities Act, negligence, and mismanagement, all of which she...

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