OPINION
GERRY, Chief Judge.
The underlying facts of this case are all too familiar both to parties and to the court and bear but the briefest recitation here. The plaintiff class alleges various violations of federal securities law and state common law in connection with the issuance of some $6.6 million in Industrial Development Bonds. Specifically, plaintiffs' chief claim concerns the purchase by the company who received the bond proceeds (National Smelting...
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