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CROOKHAM v. CROOKHAM

No. 89-2608SI.

914 F.2d 1027 (1990)

Carter C. CROOKHAM and John Coster, Appellants, Peter C. Riley and Charles C. Allen, Appellants, v. Joe P. CROOKHAM; Myron Gordin; Thomas H. McCollum; Musco, Inc. a/k/a Musco Sports/Lighting Inc., f/k/a Muscatine Lighting Mfg. Co., Inc.; Musco Mobile-Lighting, Ltd., a/k/a Musco Mobile-Lighting Corp.; G & L Industries, Inc.; and Gridco Partnership, Appellees.

United States Court of Appeals, Eighth Circuit.

Decided September 12, 1990.

Attorney(s) appearing for the Case

Mark W. Bennett, Des Moines, Iowa, for appellants.

Edward W. Remsburg, Des Moines, Iowa, for appellees.

Before MAGILL and BEAM, Circuit Judges, and LARSON, Senior District Judge.

MAGILL, Circuit Judge.

This is an appeal from the district court's1 order imposing a Rule 11 sanction of $10,000 solely on plaintiffs' counsel in a securities case. In spite of long-standing Eighth Circuit law, plaintiffs' counsel seek reversal on the grounds that pleading a "private" right of action under section 17(a) of the Securities Act of 1933, 15 U.S.C. § 77q(a), constituted a good faith argument for the reversal of existing...

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