LITTON INDUSTRIES, INC., Plaintiff-Appellant-Cross-Appellee,
v.
LEHMAN BROTHERS KUHN LOEB INCORPORATED, Defendant-Appellee-Cross-Appellant,
Dennis Levine; Ira B. Sokolow; Robert M. Wilkis; Bank Leu International, Ltd.; Bank Leu A.G.; John R. Lademann; Bruno Pletscher; Jean-Pierre Fraysse; Christian Schlatter, Defendants-Appellees,
Bernhard Meier, Defendant.
United States Court of Appeals, Second Circuit.https://leagle.com/images/logo.png
Argued November 21, 1991.
Decided June 17, 1992.
As Amended September 23, 1992.
Attorney(s) appearing for the Case
David H. Pittinsky, Philadelphia, Pa. (Lawrence D. Berger, Scott R. Shepherd, Thomas E. Groshens, Ballard, Spahr, Andrews & Ingersoll, Bruce W. Kauffman, Mark J. Levin, Dilworth, Paxson, Kalish & Kauffman, Philadelphia, Pa., Richard J. Mathieu, Burns, Kennedy, Schilling & O'Shea, New York City, of counsel), for plaintiff-appellant-cross-appellee.
Henry A. Hubschman,* Washington, D.C. (David M. Miles, Joseph C. Port, Jr., Nina Morais, Robert M. Fisher, Fried, Frank, Harris, Shriver & Jacobson, Washington, D.C.), for defendants-appellees Bank Leu A.G., Bank Leu Intern., Ltd., John R. Lademann, Bruno Pletscher, Christian Schlatter.
Arthur L. Liman, Martin Flumenbaum, Brad S. Karp, Talitha Curtis, Paul, Weiss, Rifkind, Wharton & Garrison, New York City, for defendant-appellee Dennis B. Levine.
Elliot Lauer, Benard V. Preziosi, Jr., Curtis, Mallet-Prevost, Colt & Mosle, New York City, for defendant-appellee Ira B. Sokolow.
Robert M. Wilkis, pro se.
David E. Weisberg, Weisberg & Berns, New York City, for defendant-appellee Jean-Pierre Fraysse.
Jeanne M. Luboja, New York City (Jonathan D. Bassett, Mitchel H. Ochs, Willkie Farr & Gallagher, of counsel), for defendant-appellee-cross-appellant Lehman Bros. Kuhn Loeb Inc.
Before: OAKES, Chief Judge, MESKILL and KEARSE, Circuit Judges.
United States Court of Appeals, Second Circuit.
OAKES, Chief Judge:
This litigation presents the question whether an acquiring corporation may hold its investment banker, employees of the banker, and their tippees liable — pursuant to rule 10b-5, civil RICO, or common law fraud — for insider trading in the stock of the target company based on information misappropriated from the acquiring corporation. The particular issue spotlighted on this appeal concerns causation.
Litton Industries, Inc...
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