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IN RE AMERICAN CONTINENTAL CORP.

Nos. 95-15759, 95-16403, 95-16595 and 95-16754.

102 F.3d 1524 (1996)

In re AMERICAN CONTINENTAL CORPORATION/LINCOLN SAVINGS & LOAN SECURITIES LITIGATION. LEXECON INC.; Daniel R. Fischel, Plaintiffs-Appellees, v. MILBERG WEISS BERSHAD HYNES & LERACH, a partnership; Patrick Coughlin; William S. Lerach; Kevin P. Roddy; Leonard B. Simon; Melvyn I. Weiss; Patricia Hynes; Michael C. Spencer; Stephen R. Steinberg, Defendants-Appellants. In re AMERICAN CONTINENTAL CORPORATION/LINCOLN SAVINGS & LOAN SECURITIES LITIGATION. LEXECON INC.; Daniel R. Fischel, Plaintiffs-Appellants, v. MILBERG WEISS BERSHAD HYNES & LERACH, a partnership; Patrick Coughlin; William S. Lerach; Kevin P. Roddy; Leonard B. Simon; Melvyn I. Weiss; Patricia Hynes; Michael C. Spencer; Stephen R. Steinberg, Cotchett, Illston & Pitre; Joseph Cotchett; Susan Illston, Defendants-Appellees. In re AMERICAN CONTINENTAL CORPORATION/LINCOLN SAVINGS & LOAN SECURITIES LITIGATION. LEXECON INC.; Daniel R. Fischel, Plaintiffs-Appellants, Cross-Appellees, v. MILBERG WEISS BERSHAD HYNES & LERACH, a partnership; Patrick Coughlin; William S. Lerach; Kevin P. Roddy; Leonard B. Simon; Melvyn I. Weiss; Patricia Hynes; Michael C. Spencer; Stephen R. Steinberg, Defendants-Appellees, Cross-Appellants.

United States Court of Appeals, Ninth Circuit.

Decided December 20, 1996.

Attorney(s) appearing for the Case

Jerold S. Solovy, Ronald L. Marmer, C. John Koch and Jeffrey T. Shaw, Jenner & Block, Chicago, IL, for defendants-appellants-appellees.

Gerald Maltz, Miller, Pitt & McAnally, Tucson, AZ, for Joseph Cotchett, Susan Illston and Cotchett Illston & Pitre.

Mark C. Hansen, Kellogg, Huber, Hansen Todd & Evans, Washington, D.C.; Michele Odorizzi, Mayer, Brown & Platt, Chicago, IL; for plaintiffs-appellees-appellants.

Before: SNEED, PREGERSON and KOZINSKI, Circuit Judges.

SNEED, Circuit Judge:

Of the many consequences of the failure of Lincoln Savings and Loan and its parent, American Continental Corporation, the litigation that produced these consolidated appeals was just one. At the heart of these appeals is a suit by Lexecon Inc. against a number of the attorneys who represented the consolidated class of investors who lost money in the collapse of Lincoln Savings and its parent. Lexecon is a law and economics consulting firm that...

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