BECHERER v. MERRILL LYNCH, PIERCE, FENNER AND SMITH, INC.

No. 96-1673.

193 F.3d 415 (1999)

Richard C. BECHERER, et al., individually and on behalf of all others similarly situated, Plaintiffs, J. Don Adams; Kay A. Arceneaux, as Executrix for the Donald J. Arceneaux, Sr. Estate; Edward R. Bassine; Anne T. Bassine; Thomas H. Blundell; Jan L. Blundell; James A. Campbell; Darrell R. Caudill; William A. Cherry; Catherine Crebbs, as General Partner of CCT & Co. as Administratrix of Estate of Robert W. Crebbs; Michael S. Dwyer; Dick Dykes; L. Joe Edmonson; Francis C. Elkin; Richard G. Fadal; Lee Feinberg; Madeline Feinberg; Alan S. Fogg; Jean M. Fogg; Mary Lou Frazier; Rudolph M. Gaedke, Independent Administrator for the Estate of Mary Gaedke; Francisco M. Gonzalez; Terry W. Grenat; Edith A. Grenat; Mr. & Mrs. Hem C. Gupta; Paul D. Hansen; Judith A. Hansen; Keith Harvie; Betty Lee Harvie; Robert Hawley; Robin Dale Hawley; Charles L. Henritzy; Georgiann Henritzy; Curtis B. Herbert, Jr.; Weldon Hiddleston; Dorothy M. Hiddleston; Hurrelbring Advertising, Inc.; Bobby G. Lamb; Hazeltine Lamb; D. Rod; Ann H. Lee; Law Offices of Pat Maloney, P.C.; Dan E. Martens; Susan J. Martens; Phillip W. McCollum; Marjorie K. McCollum; Earl McGavran; Edith E. McGavran; Alice S. McTurk; Kyriakos Michaelides; Margaret Michaelides; Donald R. Mitchell; Fred Morgan; Christine Motler, as Executrix for the Estate of Jay Motler; Harold Mueller; Claude Nabers; Leon Neiman; Judith A. Neiman; Daniel N. Payton, III; Jane H. Payton; Jean A. Pitts; Gary L. Platner; Alvin L. Prichard, Jr.; Marilyn M. David, formerly known as Marilyn M. Prichard; Suraj P. Sancheti; Lee Maria; Lula Santa Maria; Mabel Schenk, as Executrix for the Estate of Samuel Schenk; Arch H. Schrom; Shirley A. Schrom; Thomas Q. Schultz; Ruth R. Schultz; Robert Stern; Roxanne Stern; Gordon G. Stillwell; Therral Story; Kathy Story; Wellington K. Stretton; Mary Ann Kozlowski; Joshua M. Tharp, Jr.; Mary Sue Tharp; Ronalt T. Ullenberg; Sheila Ann Ullenberg; Robert J. Wilder; Butz S. Wilder; Paul A. Williams; Stephen F. Wood, Intervenors-Appellants, v. MERRILL LYNCH, PIERCE, FENNER AND SMITH, INC.; Can-American Corporation; Can-American Realty Corporation; Shelter Seagate Corporation; Garrett G. Carlson; Graham C. Count; Arni Thorsteinson; Martin Cicco; Laventhol & Horwath; M.A. Mortenson Co.; Winsor/Faricy Architects, Inc.; Trustbank Mortgage Center, Incorporated; Midwest Title Guarantee Company of Florida; Frank Lavin,

United States Court of Appeals, Sixth Circuit.

Decided September 30, 1999.


Attorney(s) appearing for the Case

Bruce E. Gerstein, Garwin, Bronzaft, Gerstein & Fisher, New York, NY; Elwood S. Simon, John P. Zuccarini, Elwood S. Simon & Associates, Birmingham, MI, for Plaintiff.

Monique K. Cirelli, Barris, Sott, Denn & Driker, Detroit, MI; Thomas R. Grady (argued and briefed), Grady and Associates, Naples, FL, for Intervenors-Appellants.

David C. Andrew, Baker, Donelson, Bearman & Caldwell, Memphis, TN; Sheldon H. Klein (briefed), Butzel Long, Detroit, MI; Barbara L. McQuade, Office of the U.S. Attorney, Detroit, MI; Dennis K. Egan (argued and briefed), Egan & Mazzara, Detroit, MI, for Defendants-Appellees Merrill Lynch, Fenner & Smith, Inc. and Martin Cicco.

Jon B. Gandelot, Grosse Pointe Woods, MI; Steve W. Gaskins, Cosgrove, Flynn, Minneapolis, MN, for Defendants-Appellees Can-American Corp., Can-American Realty Corp., Garrett G. Carlson, Graham C. Count and Arni Thorsteinson

Stephen F. Wasinger, Wasinger, Kickham & Kohls, Royal Oak, MI, for Defendant-Appellee Laventhol & Horwath.

Lawrence G. Campbell, Dickinson, Wright, Moon, Van Dusen & Freeman, Detroit, MI; Robert P. Hurlbert, Dickinson, Wright, Moon, Van Dusen & Freeman, Chicago, IL, for Defendant-Appellee M.A. Mortenson Co.

James R. Case, Kerr, Russell & Weber, Detroit, MI; Melissa M. Horne, Winograd, Shine, Providence, RI, for Defendant-Appellee Winsor/Faricy Architects, Inc.

Jonathan T. Walton, Jr., Laura S. Stafford, Detroit, MI, for Defendant-Appellee Trustbank Mortgage Center, Inc.

Frank W. Brochert, Plunkett & Cooney, Detroit, MI; Lawrence G. Campbell, Dickinson, Wright, Moon, Van Dusen & Freeman, Detroit, MI; Timothy D. Wittlinger, Clark Hill, Detroit, MI, for Defendant-Appellee Midwest Title Guarantee Co. of Florida.

Sheldon H. Klein (briefed), Detroit, MI; Barbara L. McQuade, Office of the U.S. Attorney, Detroit, MI; Dennis K. Egan (argued and briefed), Egan & Mazzara, Detroit, MI, for Defendant-Appellee Frank Lavin.

Before: MARTIN, Chief Judge; MERRITT, KENNEDY, NELSON, RYAN, BOGGS, NORRIS, SURHEINRICH, SILER, BATCHELDER, DAUGHTREY, MOORE, COLE, CLAY, and GILMAN, Circuit Judges.


RYAN, J., delivered the opinion of the court, in which MERRITT, NELSON, NORRIS, SUHRHEINRICH, SILER, BATCHELDER, COLE, CLAY, and GILMAN, JJ., joined. MOORE, J. (pp. 429-37), delivered a separate opinion concurring in the judgment, in which DAUGHTREY, J., joined. KENNEDY, J. (pp. 437-42), delivered a separate dissenting opinion in which MARTIN, C. J., and BOGGS, J., joined, with MARTIN, C.J., (pp. 442-44), also delivering a separate dissenting opinion.

RYAN, Circuit...

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