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LANDY v. AMSTERDAM

No. 86-1368.

815 F.2d 925 (1987)

LANDY, Gloria and Landy & Spector Pension Plan, on behalf of themselves and all others similarly situated, Appellants, v. AMSTERDAM, Gustave G., Baird, John W., Barness, Herbert, Bol, Mary Edrienne, Executrix of the State of Bol, Klaas, deceased, Greenfield, Robert K., Mann, George S., Waisberg, Lorie, Zalinsky, Edmund L., Unicorp American Corporation, Unicorp Financial Corporation, and Greit Realty Trust, Appellees.

United States Court of Appeals, Third Circuit.

Decided April 7, 1987.

Attorney(s) appearing for the Case

Richard M. Meyer (argued), Robert A. Wallner, Milberg Weiss Bershad Specthrie & Lerach, New York City, Sherrie R. Savett, Berger & Montague, P.C., Philadelphia, Pa., for appellants.

Joseph W. Swain, Jr. (argued), John E. Caruso, Montgomery, McCracken, Walker & Rhoads, Philadelphia, Pa., for appellees, Gustave G. Amsterdam, John W. Baird, Herbert Barness, Edmund L. Zalinski, Unicorp American Corp. and GREIT Realty Trust.

William T. Hangley, Claire Rocco, Hangley, Connolly, Epstein, Chicco, Foxman & Ewing, Philadelphia, Pa., for appellees, Mary E. Bol, Executrix of the Estate of Klaas Bol, and Robert K. Greenfield.

Kenneth I. Levin, Joyce K. Hackenbrach, Pepper, Hamilton & Scheetz, Philadelphia, Pa., for appellees, George S. Mann, Lorie Waisberg, and Unicorp Canada Corp.

Before GIBBONS, Chief Judge, WEIS, Circuit Judge, and ZIEGLER, District Judge.

OPINION OF THE COURT

GIBBONS, Chief Judge:

Former minority shareholders of GREIT Realty Trust (GREIT), a Pennsylvania real estate investment trust, appeal from a final judgment in favor of Unicorp American Corporation (UAC), a Delaware corporation, Unicorp Financial Corporation (Canadian), a Canadian corporation, and certain trustees of GREIT. The minority shareholders' suit charges the defendants with various violations of the federal securities laws and...

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