IN RE VMS SECURITIES LITIGATION

Nos. 92-1666, 92-1795.

21 F.3d 139 (1994)

In re VMS SECURITIES LITIGATION. Elmer R. HUBBARD and Lois D. Hubbard, Appellants/Cross-Appellees, v. PRUDENTIAL SECURITIES INCORPORATED, Appellees/Cross-Appellants.

United States Court of Appeals, Seventh Circuit.

Decided March 30, 1994.


Attorney(s) appearing for the Case

Elmer R. Hubbard and Lois D. Hubbard, Mahler & Associates, pro se.

David J. Bershad, Jerome Congress, Milberg, Weiss, Bershad, Specthrie & Lerach, New York City, Marvin A. Miller, Patrick E. Cafferty, Miller, Faucher, Cherlow, Cafferty & Wexler, Chicago, IL, for plaintiff-appellee.

Timothy A. Nelsen, Miriam Goldman Bahcall, Rawn H. Reinhard, Skadden, Arps, Slate, Meagher & Flom, Chicago, IL, for defendant-appellee.

Before LAY, CUDAHY, and KANNE, Circuit Judges.


KANNE, Circuit Judge.

In September 1988 Elmer and Lois Hubbard purchased interests in the VMS Mortgage Investment Fund through an account executive employed by Prudential Securities. They soon regretted their purchase.

Other Prudential customers were also dissatisfied. Between December 21, 1989 and March 16, 1990, twenty two class actions were filed in the Northern District of Illinois against Prudential Securities for the sale of various of the VMS Funds...

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