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BANCO ESPANOL DE CREDITO v. SEC. PACIFIC NAT. BANK

Nos. 358, 359, Dockets 91-7563, 91-7571.

973 F.2d 51 (1992)

BANCO ESPANOL DE CREDITO; Banesto Banking Corporation; Banco Totta & Acores; Girozentrale Und Bank Der Osterreichischen Sparkassen AG; Harmony Gold Ltd. Hong Kong; International Commercial Bank of China; Monroe Bank & Trust; Phelps Dodge Corporation; Saudi American Bank; State Street Bank & Trust Company, as Master Trustee for the Retirement Plans of Atlantic Richfield Company and certain of its subsidiaries, Plaintiffs-Appellants, v. SECURITY PACIFIC NATIONAL BANK; Security Pacific Merchant Bank, Defendants-Appellees, HACHIJUNI BANK, LTD., Plaintiff-Appellant, v. SECURITY PACIFIC NATIONAL BANK; Security Pacific Merchant Bank, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided June 24, 1992.

As Amended September 8, 1992.

Attorney(s) appearing for the Case

Charles E. Dorkey III, New York City (Thomas I. Sheridan III, Mark Garbowski, Richards & O'Neil, of counsel), for plaintiffs-appellants Banco Espanol de Credito and Banesto Banking Corp.

Jack P. Levin, New York City (Lawrence A. Darby III, Vivien B. Shelanski, J. Jay Lobell, Howard Darby & Levin, of counsel), for plaintiffs-appellants Banco Totta & Acores, et al.

Jed S. Rakoff, New York City (Fried, Frank, Harris, Shriver & Jacobson; Harold G. Levison, Mudge, Rose, Guthrie, Alexander & Ferdon, of counsel), for defendants-appellees Security Pacific Nat. Bank and Security Pacific Merchant Bank.

John L. Warden, New York City (H. Rodgin Cohen, Michael M. Wiseman, David A. Heiner, Jr., Sullivan & Cromwell, New York City, of counsel) filed a brief amicus curiae on behalf of The New York Clearing House Ass'n.

James R. Doty, Washington, D.C. (Jacob H. Stillman, Eric Summergrad, Martha H. McNeely, Randall W. Quinn, Paul Gonson, Washington, D.C., of counsel) filed a brief amicus curiae on behalf of the S.E.C.

Before OAKES, Chief Judge, FEINBERG and ALTIMARI, Circuit Judges.

ALTIMARI, Circuit Judge:

Plaintiffs-appellants, purchasers of various "loan participations" sold by defendants-appellees Security Pacific National Bank and Security Pacific Merchant Bank (collectively "Security Pacific"), appeal from a judgment entered in the United States District Court for the Southern District of New York (Milton Pollack, Judge), granting summary judgment for Security Pacific and dismissing plaintiffs' complaints. In the two underlying actions...

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