In re AMES DEPARTMENT STORES, INC. NOTE LITIGATION.
ACACIA NATIONAL LIFE INSURANCE CO.; Acacia Mutual Life Insurance Co.; Anthony Delano, on their own behalf and on behalf of all others similarly situated, Plaintiffs-Appellants,
v.
Peter B. HOLLIS; Earl M. Spector; James A. Harmon; Arthur F. Loewy; Maurice Segall; Michael D. Leavitt; Norman Ricken; Wertheim Schroder & Co. Incorporated; Coopers & Lybrand; Melvin M. Rosenblatt; Philip M. Chrusz; Duane R. Wolter; Norman Asher; TJX Companies, Inc., Defendants-Appellees.
United States Court of Appeals, Second Circuit.https://leagle.com/images/logo.png
Argued September 14, 1992.
Decided April 2, 1993.
Attorney(s) appearing for the Case
J. Daniel Sagarin, Milford, CT (Hurwitz & Sagarin, P.C., of counsel), for plaintiffs-appellants.
Robert P. Sugarman, New York City (Melvyn I. Weiss, Lee M. Ginsburg, Milberg Weiss Bershad, Specthrie & Lerach, of counsel), for plaintiffs-appellants Acacia Nat. Life Ins. Co. and Acacia Mut. Life Ins. Co.
Arthur H. Abbey, New York City (Stephen T. Rodd, Abbey & Ellis, of counsel), for plaintiff-appellant Anthony Delano.
Andrew M. Schatz, Hartford, CT (Schatz & Schatz, Ribicoff & Kotkin, of counsel), for defendants-appellees Peter B. Hollis, Duane R. Wolter and Philip M. Chrusz.
Jeffrey B. Rudman, Boston, MA (William H. Paine, Hale and Dorr, Ralph G. Elliot, Hartford, CT, Susan A. Quinn, Tyler, Cooper & Alcorn, of counsel), for defendants-appellees James A. Harmon, Earl M. Spector, Norman B. Asher, Michael D. Leavitt, Norman Ricken and Melvin M. Rosenblatt.
Douglas H. Meal, Boston, MA (Ropes & Gray, Peter C. Schwartz, Hartford, CT, Gordon, Muir and Foley, of counsel), for defendants-appellees The TJX Companies, Inc., Maurice Segall and Arthur F. Loewy.
Lewis A. Kaplan, New York City (Jay L. Himes, Paul, Weiss, Rifkind, Wharton & Garrison, Jacob Zeldes, Bridgeport, CT, Zeldes, Needle & Cooper, of counsel), for defendant-appellee Wertheim Schroder & Co. Inc.
Alan Glickman, New York City (Linda J. Cahn, Schulte Roth & Zabel, Francis J. Brady, Hartford, CT, Murtha Cullina Richter & Pinney, of counsel), for defendant-appellee Coopers & Lybrand.
Before: OAKES, KEARSE and PRATT, Circuit Judges.
United States Court of Appeals, Second Circuit.
OAKES, Circuit Judge:
This appeal involves one of several securities fraud class action lawsuits brought by holders of securities in Ames Department Stores, Inc. ("Ames"), following that company's 1988 acquisition of the discount stores division of the Zayre Corporation ("Zayre") and subsequent descent into bankruptcy. The plaintiffs, holders of Ames Senior Subordinated Reset Notes (the "reset notes"),1 appeal from a ruling of
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