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FOX v. ACADIA STATE BANK

No. 90-8551.

937 F.2d 1566 (1991)

Wert V. FOX, C. Read Morton, Jr., and John A. Porter, Plaintiffs-Appellants, v. ACADIA STATE BANK and John Doe, (whose identity is unknown to Plaintiffs, but well known to Defendant), Executor under the Last Will and Testament of T. Michael Dennis, Defendants-Appellees.

United States Court of Appeals, Eleventh Circuit.

August 9, 1991.

Attorney(s) appearing for the Case

John A. Sherrill, Glass, McCullough, Sherrill and Harrold, Scott C. Withrow, Terrence McQuade, Atlanta, Ga., for plaintiffs-appellants.

Bryan M. White, Donald L. Beckner, Baton Rouge, La., Gary L. Seacrest, Bentley, Karesh, Seacrest Labovitz & Campbell, Atlanta, Ga., for defendants-appellees.

Before KRAVITCH and CLARK, Circuit Judges and GODBOLD, Senior Circuit Judge.

PER CURIAM:

In this Rule 11 case we affirm the district court's award of sanctions but remand for further proceedings on the proper amount of sanctions.

I. BACKGROUND

Proceedings before the court imposed sanctions

Plaintiffs Fox, Morton and Porter purchased stock in Defendant Acadia State Bank, but they soon became dissatisfied with their investment and sued, alleging fraud under (1) §§ 12(2) and 17(a) of the Securities...

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