IN RE AMERICAN CONTINENTAL/LINCOLN S&L SEC. LIT.

MDL No. 834.

794 F.Supp. 1424 (1992)

In re AMERICAN CONTINENTAL CORPORATION/LINCOLN SAVINGS AND LOAN SECURITIES LITIGATION.

United States District Court, D. Arizona.

June 18, 1992.


Attorney(s) appearing for the Case

William S. Lerach, Leonard B. Simon, John J. Stoia, Jr., Milberg Weiss Bershad Specthrie & Lerach, Kirk B. Hulett, Barrack, Rodos & Bacine, San Diego, Cal., for Shields CIV 90-566 PHX-RMB.

Joseph W. Cotchett, Susan Illston, Allan Steyer, Michael Liberty, Cotchett, Illston & Pitre, Burlingame, Cal., Ronald Rus, Randall A. Smith, Alvarado, Rus & Worcester, Orange, Cal., for First Baptist CIV 90-570 PHX-RMB.

P. John Owen, Michael C. Manning, Kristin L. Farnen, Morrison & Hecker, Phoenix, Ariz., for plaintiff Resolution Trust Corp. CIV 89-1509 PHX-RMB and defendant Lincoln Sav. and Loan Ass'n.

Andrew S. Friedman, Bonnett, Fairbourn & Friedman, Phoenix, Ariz., for Shields and Sidney Kaufman CIV 90-574 PHX-RMB.

Patrick J. Grannan, Greenfield & Chimicles, Los Angeles, Cal., for Shields, Mary Doran CIV 90-569 PHX-RMB and Ronald Fischman CIV 90-567 PHX-RMB.

Richard D. Greenfield, R. Bruce McNew, Greenfield & Chimicles, Haverford, Pa., for Shields and Ronald Fischman.

Kevin P. Roddy, Milberg, Weiss, Bershad, Specthrie & Lerach, Los Angeles, Cal., Richard S. Wayne, Strauss & Troy, Cincinnati, Ohio, Robert S. Schachter, Zwerling, Schachter & Zwerling, New York City, for Shields.

Thomas L. Taylor, III, Barry Mallen, Cooper, Epstein & Hurewitz, Beverly Hills, Cal., for Alan H. Yahr, CIV 90-571 PHX-RMB.

Thomas R. Schuck, Taft, Stettinius & Hollister, Cincinnati, Ohio, Richard C. Field, Cadwalader, Wickersham & Taft, Los Angeles, Cal., for Star Bank, N.A., Cincinnati.

Wayne W. Smith, Gail E. Lees, Gibson, Dunn & Crutcher, Los Angeles, Cal., John T. Behrendt, Gregory Barton, Gibson, Dunn & Crutcher, New York City, for Touche Ross & Co.

Dan K. Webb, Thomas J. Frederick, Winston & Strawn, Chicago, Ill., for Lexecon, Inc.

Max Gillam, Nancy Scheurwater, Latham & Watkins, Los Angeles, Cal., for Jones, Day, Reavis & Pogue and William J. Schilling, Ronald Fein and Robert.

James R. Condo, Snell & Wilmer, Phoenix, Ariz., for Troutman, Sanders, Lockerman & Ashmore.

Edward M. Glennon, Terrence J. Fleming, Steven M. Pincus, Lindquist & Vennum, Minneapolis, Minn., for First Bank Nat. Ass'n (formerly First Bank of Minneapolis).

Timothy A. Meltzer, David J. Brown, Brobeck, Phleger & Harrison, San Francisco, Cal., for Indus. Indem. Corp. CIV 90-1843 PHX-RMB.

Frank Taylor, Popham, Haik, Schnobrich & Kaufman, Ltd., Minneapolis, Minn., for Offerman & Co., Joseph Offerman and Scott Offerman.

Robert Ted Parker, Jeffrey B. Kirschenbaum, Titchell, Maltzman, Mark, Bass, Ohleyer & Mishell, A Professional Corp., San Francisco, Cal., for Societe D'Analyses et D'Etudes Bretonneau (f/k/a Societe de Banque Privee and Saudi European Bank).

Stuart L. Kadison, James Goldman, Sidley & Austin, Los Angeles, Cal., for Arthur Andersen & Co.

Miles N. Ruthberg, Meryl Macklin, Heller, Ehrman, White & McAuliffe, Los Angeles, Cal., for Arthur Young & Co., Ernst & Young and Jack Atchison.

Charles W. Cunningham, Michael A. Piazza, McKool Smith, Dallas, Tex., for Gene E. Phillips.

Terrence B. Adamson, Lynn Fisher Hill, Jack D. Worland, Jr., Donovan, Leisure, Rogovin, Huge & Schiller, Washington, D.C., for Saudi European Inv. Corp. N.V. (SEIC), Alef Inv. Corp., Alef Bank, S.A. and Jamal Radwan.

H. Garrett Frey, pro se.

Stephen C. Neal, Kirkland & Ellis, Chicago, Ill., for Charles H. Keating, Jr., Charles H. Keating, III, Robert M. Wurzelbacher.


MEMORANDUM OPINION

BILBY, District Judge.

This Opinion describes the basis of this court's rulings by Order of February 14, 1992, on motions for summary judgment filed by parties to these consolidated actions.

I. PROCEDURAL HISTORY

Five separate actions are consolidated before this court. Sarah B. Shields v. Charles H. Keating, Jr. ("Shields"), a class action on behalf "all persons who purchased securities, stock or debentures...

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