ROSS v. BANK SOUTH, N.A.

Nos. 86-7350, 86-7790.

885 F.2d 723 (1989)

Ernest ROSS, individually and as representative of a bondholder class, Plaintiff-Appellee, v. BANK SOUTH, N.A., et al., Defendants, Alston & Bird, et al., Defendants-Appellants. George MILLER, individually and as a representative of a class of bondholders described in the complaint, Plaintiff-Appellee, v. Arthur M. RICE, Jr., Defendant, William V. Weldon, et al., Defendants-Appellants. William V. Weldon, et al., Defendants-Appellants. Ernest ROSS, individually and as representative of a bondholder class, Plaintiff-Appellant, v. BANK SOUTH, N.A., et al., Defendants, Alston & Bird, et al., Defendants-Appellees. George MILLER, individually and as representative of a bondholder class, Plaintiff-Appellant, v. Arthur M. RICE, Jr., et al., Defendants-Appellees.

United States Court of Appeals, Eleventh Circuit.

September 18, 1989.


Attorney(s) appearing for the Case

William J. Cobb, Kocher, Wilson, Korschun & Cobb, H. Marshall Korschun, Atlanta, Ga., for Jack Hereth.

William H. Mills, Redden, Mills & Clark, L. Drew Redden, Birmingham, Ala., for Weldon, Rogers, Blanton, Lee & Moffett.

Herbert P. Schlanger, Atlanta, Ga., for Alan O. Jones.

Robert Wyeth Lee, Jr., Wininger & Lee, Birmingham, Ala., for R. Davidson.

Peter J. Anderson, Peterson, Young, Self & Asselin, Kirk M. McAlpin, Jr., Atlanta, Ga., for Peter Orr and Robinson-Hall.

Michael L. Edwards, Balch & Bingham, C. William Gladden, Patricia A. McGee, Birmingham, Ala., Jonathan R. Macey, c/o Cornell University School of Law, Ithaca, N.Y., for Laventhol & Horwatch.

James W. Gewin, Bradley, Arant, Rose & White, Jay D. St. Clair, Birmingham, Ala., for Alston & Bird, et al.

Lange, Simpson, Robinson & Somerville, John E. Grenier, Charles C. Pinckney, Sally S. Reilly, Birmingham, Ala., for Arthur Rice.

Stephen E. Hudson, Kilpatrick & Cody, Debbie W. Harden, Thomas H. Christopher, Jerre B. Swan, Atlanta, Ga., for Bank South.

Charles Cleveland, Cleveland & Cleveland, Birmingham, Ala., Robert Wiggins, Gordon, Silberman, Wiggins & Childs, Birmingham, Ala., R. Alan Stotsenburg, David C. Harrison, New York City, for Ross & Miller.

Gregory G. Little, Hunton & Williams, James L. Gardner, Knoxville, Tenn., for amicus National Assoc. of Bond Lawyers.

Frederick G. Boynton, Atlanta, Ga., Louis A. Craco, Willkie, Farr & Gallagher, New York City, for amicus American Institute of Certified Public Accountants.

Robert Dean Pope, Hunton & Williams, James W. Featherstone, III, Richmond, Va., for amicus National Ass'n of Bond Lawyers.

Andrew S. Bennett, SEC, Jacob H. Stillman, Eric Summergrad, Washington, D.C., for amicus Securities and Exchange Com'n.

Peter W. Homer, Greer, Homer, Cope & Bonner, Miami, Fla., J. Thomas Cardwell, Akerman, Senterfitt & Eidson, Orlando, Fla., for amicus Florida Bankers Ass'n.

R. Bruce McNew, Greenfield & Chimicles, Kenneth A. Jacobsen, Michael D. Gottsch, Haverford, Pa., for amici Certain Class Action plaintiffs.

William J. Fitzpatrick, Gen. Counsel, Securities Industry Ass'n, Inc., New York City, John L. Latham, Smith, Gambrell & Russell, Atlanta, Ga., for amicus Securities Industry Ass'n, Inc.

Before RONEY, Chief Judge, TJOFLAT, HILL, FAY, KRAVITCH, JOHNSON, HATCHETT, ANDERSON, CLARK and COX, Circuit Judges.


ANDERSON, Circuit Judge, with whom RONEY, Chief Judge, and HILL, FAY and COX, Circuit Judges, concur:

Ernest Ross and George Miller (referred to in this opinion as appellants) sued various parties connected with the issuance of the First Mortgage Residential Facilities Revenue Bond (Mount Royal Towers, Inc. Project) Series 1981 bonds. In an action based primarily on Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b), and Rule 10b-5 promulgated...

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