BANCA CREMI, S.A., Institucion de Banca Multiple, Grupo Financiero Cremi; Banca Cremi Grand Cayman, Plaintiffs-Appellants,
v.
ALEX. BROWN & SONS, INCORPORATED; John Isaac Epley, Defendants-Appellees.
Securities & Exchange Commission; PSA The Bond Market Trade Association, Amici Curiae.
United States Court of Appeals, Fourth Circuit.https://leagle.com/images/logo.png
Argued September 29, 1997.
Decided December 30, 1997.
Attorney(s) appearing for the Case
ARGUED: Howard N. Feldman, Dickstein, Shapiro, Morin & Oshinsky, L.L.P., Washington, DC, for Appellants. Susan Sholar McDonald, Senior Litigation Counsel, Securities and Exchange Commission, Washington, DC, for Amicus Curiae SEC. Michael Roger Klein, Wilmer, Cutler & Pickering, Washington, DC, for Appellees. ON BRIEF: Howard Schiffman, Woody N. Peterson, Jennifer Tara Holubar, Dickstein, Shapiro, Morin & Oshinsky, L.L.P., Washington, DC, for Appellants. Richard H. Walker, General Counsel, Jacob H. Stillman, Associate General Counsel, Susan K. Straus, Securities and Exchange Commission, Washington, DC, for Amicus Curiae SEC. Robert F. Hoyt, Adam R. Waldman, Wilmer, Cutler & Pickering, Washington, DC, for Appellees. Peter Buscemi, Lloyd H. Feller, Morgan, Lewis & Bockius, L.L.P., Washington, DC; Robert C. Mendelson, Katherine M. Polk, Morgan, Lewis & Bockius, L.L.P., New York City; Paul Saltzman, Senior Vice President and General Counsel, PSA The Bond Market Trade Association, New York City, for Amicus Curiae Association.
Before LUTTIG and WILLIAMS, Circuit Judges, and MAGILL, Senior Circuit Judge of the United States Court of Appeals for the Eighth Circuit, sitting by designation.
United States Court of Appeals, Fourth Circuit.
Affirmed by published opinion. Senior Judge MAGILL wrote the opinion, in which Judge LUTTIG and Judge WILLIAMS joined.
OPINION
MAGILL, Senior Circuit Judge:
Banca Cremi, S.A., Institucion de Banca Multiple, Grupo Financiero Cremi and Banca Cremi Grand Cayman (together, the Bank) purchased a number of collateralized mortgage obligations (CMOs) through John Isaac Epley, a broker with the brokerage firm of Alex. Brown & Sons, Incorporated (Alex...
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