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OLKEY v. HYPERION 1999 TERM TRUST, INC.

No. 1023, Docket 95-7823.

98 F.3d 2 (1996)

Marilyn OLKEY; Lawrence Berger, Cetinna Camenzuli; Lois F. Dehaven; Gary Pshena; Janis Pshena; Herbert N. Feldstein; Charles Kornberger; Marcella Levy; Michael W. Moran; Milton V. Firestone; Alan Wolf; Leonard Newberger; Robert Perocchia; Madeline Middlemark; Direct Reproduction Corp., Superimposed Pension Trust # 3 Pension Plan Dated May 12, 1992; Robert Rattner; Norman Urkowitz; Alvin Goldstein; Harvey Makofsky; David Masucci, on behalf of themselves and all others similarly situated, Plaintiffs-Appellants, v. HYPERION 1999 TERM TRUST, INC.; Kenneth C. Weiss; Lewis S. Ranieri; Garth Marston; Rodman L. Drake; Leo M. Walsh, Jr.; Patricia A. Sloan; David R. Odenath, Jr.; Paul V. Ippolito; Smith Barney, Harris Upham & Co., Inc.; Kidder Peabody & Co., Inc.; Merrill Lynch & Company; Oppenheimer & Co.; Prudential Securities, Inc.; Dain Bosworth, Inc., defendants Smith Barney, Harris Upham, Kidder Peabody, Merrill Lynch, Oppenheimer, Prudential, and Dain Bosworth are sued herein individually and as Representatives of defendant Underwriter Class; Harry E. Petersen, Jr.; Advest, Inc.; Crowell, Weedon & Co.; Hyperion 1997 Term Trust, Inc.; Hyperion 2002 Term Trust, Inc.; Paine Webber Incorporated; Hyperion Capital Management, Inc.; Alan M. Mandel, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided October 15, 1996.

Attorney(s) appearing for the Case

Roger W. Kirby, New York City (Irving Malchman, Jeffrey H. Squire, Ira M. Press, Kaufman Malchman Kirby & Squire, LLP, New York City, Henry Paul Monaghan, New York City, of counsel), for Plaintiffs-Appellants.

Michael J. Malone, New York City (Steven B. Carlin, Paul A. Straus, Elizabeth Swire Falker, Battle Fowler LLP, New York City, of counsel), for Defendants-Appellees Hyperion Capital Management, Inc., Lewis S. Ranieri, Kenneth C. Weiss, David R. Odenath, Jr., Patricia Sloan and Alan M. Mandel.

Alan J. Hruska, New York City (Gerald A. Ford, David A. Kotler, Gregory E. Birkenstock, Cravath, Swaine & Moore, New York City, of counsel), for Defendants-Appellees Hyperion 1997 Term Trust, Inc., Hyperion 1999 Term Trust, Inc., Hyperion 2002 Term Trust, Inc., Rodman L. Drake, Garth Marston, Harry E. Petersen, Jr. and Leo M. Walsh, Jr.

Charles A. Gilman, New York City (David G. Januszewski, Jonathan R. Donnellan, Cahill, Gordon & Reindel, a partnership including a professional corporation, New York City, of counsel), for Defendant-Appellee Underwriter Class.

Before: NEWMAN, Chief Judge, OAKES, and PARKER, Circuit Judges.

PARKER, Circuit Judge:

Plaintiffs Marilyn Olkey et al., a group of investors, brought a class action against Hyperion 1999 Term Trust, Inc. et al. seeking damages for fraud in issuing and using prospectuses to market mortgage-backed securities, in violation of Sections 11, 12(2), and 15 of the Securities Act of 1933 ("the 1933 Act"), 15 U.S.C. §§ 77k(a), 77l(2), and 77o; and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (...

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