COMMERCIAL UNION ASSUR. CO., PLC v. MILKEN

No. 406, Docket 93-7537.

17 F.3d 608 (1994)

COMMERCIAL UNION ASSURANCE CO. plc, Commercial Union Pensions Management, Ltd., Gemini Overseas Corporation, Mercia Zurich, A.G., Overbrook Nominees, Ltd., Strand Nominees, Ltd., Plaintiffs-Appellants, v. Michael R. MILKEN, Lowell J. Milken, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided March 4, 1994.


Attorney(s) appearing for the Case

George D. Reycraft, New York, New York (Debra Brown Steinberg, Cadwalader, Wickersham & Taft, New York, New York, of counsel), for Plaintiffs-Appellants.

Mark Belnick, New York, New York (David L. Kornblau, Steven C. Herzog, Talitha Thurau, Steven Pacht, Paul, Weiss, Rifkind, Wharton & Garrison, New York, New York; Michael O. Finkelstein, Lord, Day & Lord, Barrett Smith, New York, New York, of counsel), for Defendants-Appellees.

Before: FEINBERG, CARDAMONE, and ALTIMARI, Circuit Judges.


CARDAMONE, Circuit Judge:

This appeal is from a grant of summary judgment to defendants in an action in which plaintiffs asserted that defendants had violated the securities laws and civil RICO. We recognize there are legal actions that serve to punish or deter defendants or to determine property rights. But the signature of the causes of action before us is harm to plaintiffs: actual damages or consideration paid in the securities laws actions, and injury to plaintiffs...

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