IN RE TAXABLE MUN. BOND SECURITIES LITIGATION

Civ. A. No. MDL 863.

796 F.Supp. 954 (1992)

In re TAXABLE MUNICIPAL BOND SECURITIES LITIGATION.

United States District Court, E.D. Louisiana.

May 20, 1992.


Attorney(s) appearing for the Case

Jack C. Benjamin, Gainsburgh, Benjamin, Fallon, David & Ates, New Orleans, La., Liaison Counsel for plaintiffs.

Gene W. Lafitte, Liskow & Lewis, New Orleans, La., Liaison Counsel for defendants.


MEMORANDUM AND ORDER

SEAR, Chief Judge.

The taxable municipal bond was created in response to the Tax Reform Act of 1986, which limited the availability of the tax-free status previously afforded municipal bonds. Drexel Burnham Lambert Inc. ("Drexel Burnham") played a significant role in promoting the taxable municipal bond. From July through October 1986, Drexel Burnham underwrote seven substantial bond issues offered by six different

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