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  5. 951 F.Supp. 1071 (1996)
 

LaSALLE NAT. BANK v. DUFF & PHELPS CREDIT RATING CO.

No. 93 Civ. 4692 (WK) (AJP).

951 F.Supp. 1071 (1996)

LaSALLE NATIONAL BANK, et al., Plaintiffs, v. DUFF & PHELPS CREDIT RATING CO. and Shawmut Bank Connecticut, N.A., Defendants.

United States District Court, S.D. New York.

November 26, 1996.

Attorney(s) appearing for the Case

Alan R. Glickman, Schulte Roth & Zabel, New York City, for Plaintiffs.

Douglas M. Kraus, Skadden, Arps, Slate, Meagher & Flom, New York City, for Defendants.

MEMORANDUM AND ORDER

WHITMAN KNAPP, Senior District Judge.

Before us is an action brought by twenty-six institutional investors (plaintiffs), who purchased approximately $200 million of bonds offered by subsidiaries of Towers Financial Corporation in connection with its Ponzi scheme, against Duff & Phelps Credit Rating Co. ("defendant"), and Shawmut Bank Connecticut N.A. Defendant Duff & Phelps moved to dismiss plaintiffs' complaint. On June...

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