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WALLER v. FINANCIAL CORP. OF AMERICA

Nos. 86-6028, 86-6034.

828 F.2d 579 (1987)

John L. WALLER, et al., Plaintiff-Appellee, v. FINANCIAL CORPORATION OF AMERICA, Defendant-Appellee, and Arthur Anderson & Co., Intervenor-Appellant. Nessim HUSNI, et al., Plaintiffs-Appellees, v. FINANCIAL CORPORATION OF AMERICA, Defendant-Appellee, and Arthur Anderson & Co., Intervenor-Appellant.

United States Court of Appeals, Ninth Circuit.

Decided September 22, 1987.

Attorney(s) appearing for the Case

Stuart L. Kadison, Michael C. Kelley and Thomas H. Keeling, Los Angeles, Cal., for intervenor-appellant.

Wesley G. Howell, Jr. and Patrice I. Kopistansky, Los Angeles, Cal., for defendant-appellee Financial Corp. of America.

George C. Zachary, Walter S. Weiss, John J. Stumreiter and James Y. Leong, Beverly Hills, Cal., David J. Bershad, Virginia A. LoPreto, San Diego, Cal., and Edward Labaton, Joseph Sternberg and Stuart D. Wechsler, New York City, for plaintiffs-appellees Waller and Husni, et al.

Before KENNEDY, SCHROEDER and POOLE, Circuit Judges.

POOLE, Circuit Judge:

This appeal arises out of two consolidated Rule 10b-5 class action lawsuits brought by shareholders against Financial Corporation of America (FCA), several of its officers and directors, and its accountant, Arthur Anderson & Co. (Anderson). Plaintiffs reached a settlement agreement with FCA alone, in parallel actions filed for the purpose of expediting the settlement. Anderson sought to object to the settlement by filing a motion "to establish...

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