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IN RE DONALD J. TRUMP CASINO SECURITIES LIT.

No. 92-5350.

7 F.3d 357 (1993)

In re DONALD J. TRUMP CASINO SECURITIES LITIGATION — TAJ MAHAL LITIGATION. Sidney L. KAUFMAN, suing individually and on behalf of a class of persons similarly situated; Jerome Schwartz, suing individually and on behalf of a class of persons similarly situated; Peter Stuyvesant, Ltd., on behalf of itself and all others similarly situated; Susan Cagan; Eric Cagan; David E. Dougherty; Jean Curzio; Alexander L. Charnis; Dorothy Arkell; Fred Glossner; Herman Krangel; Robert Kloss; Helen Kloss; Fairmount Financial Corp.; Joanne Gollomp; Dino Del Zotto v. TRUMP'S CASTLE FUNDING; Trump's Castle Associates Limited Partnership, a New Jersey Limited Partnership; Trump Taj Mahal Funding, Inc., a New Jersey Corporation; Trump Taj Mahal Associates Limited Partnership, a New Jersey Limited Partnership; Donald J. Trump; Robert S. Trump; John O'Donnell; Nathan Katz; Tim Maland; Francisco Tejeda; Julian Menarguez; Harvey I. Freeman; Paul Henderson; Patrick C. McKoy; Edward M. Tracy; Michael S. Vautrin; Jeffrey A. Ross; John P. Belisle; Timothy G. Rose; Lori Taylor; C. "Bucky" Willard; The Trump Organization, Inc.; Trump Taj Mahal, Inc.; Merrill Lynch, Pierce, Fenner & Smith Incorporated. Sidney L. KAUFMAN, suing individually and on behalf of a class of persons similarly situated v. TRUMP'S CASTLE FUNDING; Trump's Castle Associates Limited Partnership, a New Jersey Limited Partnership; Trump Taj Mahal Funding, Inc., a New Jersey Corporation; Trump Taj Mahal Associates Limited Partnership, a New Jersey Limited Partnership; Donald J. Trump. Jerome SCHWARTZ, suing individually and on behalf of a class of persons similarly situated v. TRUMP'S CASTLE FUNDING, INC. (A New Jersey Corporation); Trump's Castle Associates Limited Partnership (A New Jersey Limited Partnership); Trump Taj Mahal Funding, Inc. (A New Jersey Corporation); Trump Taj Mahal Associates Limited Partnership (A New Jersey Limited Partnership); Donald J. Trump. PETER STUYVESANT, LTD., on behalf of itself and all others similarly situated v. Donald J. TRUMP; Robert S. Trump; John O'Donnell; Trump Plaza Funding, Inc.; Nathan Katz; Tim Maland; Trump Plaza Associates; Francisco Tejeda; Julian Menarguez; Harvey I. Freeman; Paul Henderson; Patrick C. McKoy; Edward M. Tracy; Michael S. Vautrin; Jeffrey A. Ross; John P. Belisle; Timothy G. Rose; Trump's Castle Funding, Inc.; Lori Taylor; Trump's Castle Associates Limited Partnership. Susan CAGAN; Eric Cagan; David E. Dougherty; Jean Curzio v. Donald J. TRUMP; Robert S. Trump; Harvey I. Freeman; C. "Bucky" Willard; Trump Taj Mahal Funding, Inc.; Trump Taj Mahal Associates Limited Partnership; The Trump Organization, Inc.; Trump Taj Mahal Incorporated; Merrill Lynch, Pierce, Fenner & Smith Incorporated. Alexander L. CHARNIS; Dorothy Arkell v. Donald J. TRUMP; Robert S. Trump; Harvey I. Freeman; C. "Bucky" Willard; Trump Taj Mahal Funding, Inc.; Trump Taj Mahal Associates Limited Partnership; The Trump Organization, Inc.; Merrill Lynch, Pierce, Fenner & Smith Incorporated. FAIRMONT FINANCIAL CORP.; Joanne Gollomp, on behalf of themselves and all others similarly situated v. Donald J. TRUMP; Harvey S. Freeman; Robert S. Trump; The Trump Organization, Inc.; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Trump Taj Mahal Funding, Inc.; Trump Taj Mahal, Inc.; Trump Taj Mahal Associates Limited Partnership. Robert KLOSS; Helen Kloss v. Donald J. TRUMP; Robert S. Trump; Harvey I. Freeman; C. "Bucky" Willard; Trump Taj Mahal Associates Limited Partnership; The Trump Organization, Inc.; Trump Taj Mahal, Inc.; Merrill Lynch, Pierce, Fenner & Smith Incorporated. Fred GLOSSNER; Herman Krangel v. Donald J. TRUMP; Harvey S. Freeman; Robert S. Trump; The Trump Organization, Inc.; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Trump Taj Mahal Funding, Inc.; Trump Taj Mahal, Inc.; Trump Taj Mahal Associates Limited Partnership. Dino DEL ZOTTO v. Donald J. TRUMP; Robert S. Trump; Harvey I. Freeman; C. "Bucky" Willard; Trump Taj Mahal Funding, Inc.; Trump Taj Mahal Associates; The Trump Organization, Inc.; Trump Taj Mahal, Inc.; Merrill Lynch, Pierce, Fenner & Smith Incorporated, Joanne Gollomp, Susan Cagan, Eric Cagan, David E. Dougherty, Jean Curzio, Robert and Helen Kloss, Fred Glossner, Herman Krangel, Sidney Kaufman, Jerome Schwartz, Dino Del Zotto, Alexander L. Charnis and Dorothy Arkell, on behalf of themselves and all others similarly situated, Appellants.

United States Court of Appeals, Third Circuit.

Decided October 14, 1993.

Attorney(s) appearing for the Case

Stuart D. Wechsler (argued), Joel C. Feffer, New York City, Stanley R. Wolfe, Todd S. Collins, Berger & Montague, P.C., Philadelphia, PA, Carl D. Poplar, Cherry Hill, NJ, Gerald Jay Rodos, Barrack, Rodos & Bacine, Philadelphia, PA, Robert S. Schachter, Zwerling, Schachter & Zwerling, Bruce E. Gerstein, Garwin, Bronzaft, Gerstein & Fisher, New York City, Charles V. Van de Walle, Martin, Van de Walle, Guardino & Donohue, Great Neck, NY, Jared Stamell, Joseph J. Tabacco, Jr., Stamell, Tabacco & Schager, Joseph H. Weiss, New York City, Michael A. Cohan, Cohan & Eckhaus, Parlin, NJ, James V. Bashian, New York City, C. Oliver Burt, III, James R. Malone, Mark C. Rifkin, Debra N. Nathanson, Greenfield & Chimicles, Haverford, PA, Howard A. Specter, Pittsburgh, PA, for appellants.

Richard L. Posen (argued), Willkie Farr & Gallagher, New York City, John J. Barry, Clapp & Eisenberg, P.C., Newark, NJ, Stuart J. Baskin (argued), Shearman & Sterling, New York City, for appellees.

Before: BECKER, ALITO, Circuit Judges and ATKINS, District Judge.

OPINION OF THE COURT

BECKER, Circuit Judge.

This is an appeal from orders of the district court for the District of New Jersey dismissing a number of complaints brought under various provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934 by a class of investors who purchased bonds to provide financing for the acquisition and completion of the Taj Mahal, a lavish casino/hotel on the...

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