IN RE FIRST CAPITAL HOLDINGS CORP. LITIGATION

No. 92-55924.

19 F.3d 470 (1994)

In re FIRST CAPITAL HOLDINGS CORPORATION FINANCIAL PRODUCTS SECURITIES LITIGATION. Marguerite WOLFORD, Plaintiff Class Member/Objector-Appellant, v. George GAEKLE, Iris Gaekle; State Action Representatives Alfred Pappalardo, Linda Glynn, Garman C. Laudermilch, et al.; Federal Action Representatives Tina Pallas, James W. Palmiter, Arthur Drucker, et al., Plaintiff-Appellees.

United States Court of Appeals, Ninth Circuit.

Decided March 21, 1994.


Attorney(s) appearing for the Case

Lawrence W. Schonbrun, Berkeley, California, for the plaintiff-appellant.

Elizabeth Joan Cabraser, Lieff, Cabraser, Heimann, San Francisco, California, for the plaintiff-appellee.

Before: SNEED, THOMPSON, and RYMER, Circuit Judges.


DAVID R. THOMPSON, Circuit Judge:

First Capital Holdings Corporation (FCH), through its subsidiaries, issued annuities and life insurance policies to over 500,000 policyholders. Shearson Lehman Brothers, a wholly-owned subsidiary of Shearson Lehman Brothers Holdings, which is a wholly-owned subsidiary of American Express Company, issued many of the policies. In May 1991, FCH fell victim to the crash of the junk bond market. A class action suit followed, pitting policyholders...

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