UNITED DEPT. STORES, INC. v. ERNST & WHINNEY

Civ. A. No. 83-0614 L.

713 F.Supp. 518 (1989)

UNITED DEPARTMENT STORES, INC., Wallace R. Plapinger, Allan R. Plapinger, Gerald P. Nathanson and Mervyn Platt v. ERNST & WHINNEY.

United States District Court, D. Rhode Island.

May 15, 1989.


Attorney(s) appearing for the Case

John H. Newman, Porzio, Bromberg & Newman, Morristown, N.J., for individual plaintiffs.

Bruce D. Scherling, Trustee, Scherling, Davidson & Rech, P.C., New York City, for United Dept. Stores.

Julius Michaelson, Providence, R.I., for plaintiffs.

Michael DeFanti, Hinckley, Allen, Snyder & Comen, Providence, R.I., for Ernst & Whinney.


MEMORANDUM AND ORDER

LAGUEUX, District Judge.

This matter is presently before the Court on defendant Ernst & Whinney's ("E & W") motion for summary judgment pursuant to Rule 56 of the Federal Rules of Civil Procedure. Plaintiffs initiated a Rule 10b-5, 17 CFR § 240.10(b-5), securities fraud action against E & W, a public accounting firm, after plaintiffs suffered financial loss as a result of their leveraged purchase of a number of department...

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