IN RE WARNER COMMUNICATIONS SECURITIES LITIGATION

No. 764, Docket 85-7807.

798 F.2d 35 (1986)

In re WARNER COMMUNICATIONS SECURITIES LITIGATION. Steven BECKER; Russell Cammer; E.D. Dubowski; Robert and Hanna Fonfeder; Len Forman; Rick L. and Andrea K. Frimmer; Michael D. Gaddy; Richard Glovin; Charles Gribble; Louis O. Marino, Custodian for Louis Marino II; Naomi Masri; Aileen S. Moleski; Irving and Charlotte Radol; Beatrice K. Rappoport, trustee for Julie Ann Rappoport; Robert Samit; Richard Schlesinger; Roberta Shine; Donald Singleton; Jessica Beth Sporn; Harry Stern; Richard S. Tabas; Robert W. and Bonnie Walker; Helena White; and S.J. Johnson, suing in the right and for the benefit of Warner Communications, Inc., Plaintiffs-Appellees, v. WARNER COMMUNICATIONS, INC.; Atari, Inc.; Ted Ashley; S. Gerard Benford; Eugene R. Black; Lawrence B. Buttenweiser; Allan B. Ecker; Emanuel Gerard; Dennis Groth; David R. Haas; Alan S. Henricks; David H. Horowitz; Deane F. Johnson; Raymond Kassar; Caesar P. Kimmel; Jacob Liebowitz; Martin D. Payson; Edward Rosenthal; Steven J. Ross; Robert J. Salomon; Norman K. Samnick; Beverly Sills; Fred L. Tepperman; Raymond S. Troubh; William J. Vandenheuvel; Bert W. Wasserman; Mark M. Weinstein; and Rod L. White, Defendants-Appellees, v. Stephen J. GROSS, custodian for Andrew Gross under the Uniform Gifts to Minors Act of the District of Columbia, Objector-Appellant.

United States Court of Appeals, Second Circuit.

Decided August 4, 1986.


Attorney(s) appearing for the Case

Alan B. Morrison, Washington, D.C. (Public Citizen Litigation Group, Washington, D.C. and Elliot J. Weiss, New York City, of counsel), for objector-appellant.

Arthur L. Liman, New York City (Leslie Gordon Fagen, C. William Phillips, Paul, Weiss, Rifkind, Wharton & Garrison, New York City, of counsel), for defendants-appellees Warner Communications, Inc. and Atari, Inc.

Barry H. Garfinkel, New York City (Timothy A. Nelsen, Jeremy A. Berman, Skadden, Arps, Slate, Meagher & Flom, New York City, of counsel), for individual defendants-appellees.

Melvyn I. Weiss, New York City (Jerome M. Congress, George A. Bauer III, Milberg Weiss Bershad Specthrie & Lerach, New York City, Sherrie R. Savett, Stephen A. Whinston, Berger & Montague, P.C., Philadelphia, Pa., Daniel W. Krasner, Fred T. Isquith, Wolf Haldenstein Adler Freeman & Herz, New York City, of counsel), for plaintiffs-appellees.

Before VAN GRAAFEILAND, NEWMAN and KEARSE, Circuit Judges.


VAN GRAAFEILAND, Circuit Judge:

Stephen Gross, the holder of twenty shares of Warner Communications, Inc. common stock, seeks to overturn an order of the United States District Court for the Southern District of New York (Keenan, J.) approving the settlement for $17.54 million of a shareholders class action against Warner, its subsidiary, Atari, Inc., and certain of their officers and directors, and dismissing a consolidated shareholders derivative action. The class...

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