Donald PRESS, as Trustee of Donald Press, P.C. Employees Profit Sharing Plan & Trust U/A DTD 6/27/80, individually, and on behalf of all others similarly situated, Plaintiff-Appellant,
v.
QUICK & REILLY, INC., U.S. Clearing Corp. and Quick & Reilly Group, Inc., Defendants-Appellees.
Bruce Cohen, Plaintiff,
Robert Strougo, Glenn Damato, Deborah Damato, Christopher P. Laurenzi, Carol Lassman, Barbara Strougo, as Trustee of the Elaine B. Patterson Irrevocable Trust, Louis I. Lieb, as Trustee of the Elaine B. Patterson Irrevocable Trust, Plaintiffs-Appellants,
v.
Donaldson Lufkin & Jenrette Securities Corporation, Merrill Lynch Pierce Fenner & Smith, Smith Barney, Inc., Defendants,
Bear Stearns & Co., Pershing Division of Donaldson Lufkin & Jenrette Securities, National Financial Services Corp., Defendants-Appellees.
United States Court of Appeals, Second Circuit.https://leagle.com/images/logo.png
Argued May 10, 1999.
Final Briefs Submitted February 14, 2000.
Decided July 10, 2000.
Attorney(s) appearing for the Case
Andrea B. Bierstein, Kaufman Malchman Kirby & Squire (Roger W. Kirby, on the brief), New York, NY, for Plaintiff-Appellant Donald Press.
Stuart D. Wechsler, Wechsler Harwood Halebian & Feffer (Gary P. Weinstein and Frederick W. Gerkens, III, on the brief), New York, NY, for Plaintiffs-Appellants Bruce Cohen, Robert Strougo, Glenn Damato, Deborah Damato, Christopher P. Laurenzi, Carol Lassman, Barbara Strougo and Louis I. Lieb.
Robert Pietrzak, Brown & Wood (Judith Welcom, Elizabeth Storch and Maria D. Melendez, Brown & Wood, and Stephen L. Ratner and David A. Florman, Rosenman & Colin LLP, on the brief), New York, NY, for Defendants-Appellees Quick & Reilly, Inc., U.S. Clearing Corp., Quick & Reilly Group, Inc., Bear Stearns & Co., Inc., and Pershing Division of Donaldson Lufkin & Jenrette Securities Corp.
James N. Benedict, Rogers & Wells (Mark A. Kirsch, Judith M. Reilly, James P. Masterson, on the brief), New York, NY, for Defendant-Appellee National Financial Services Corp.
Before: OAKES, SACK and SOTOMAYOR, Circuit Judges.
United States Court of Appeals, Second Circuit.
SOTOMAYOR, Circuit Judge:
This opinion disposes of two separate appeals, each of which requires us to determine whether the defendants-appellees (the "broker-dealer defendants" or "defendants")1 violated Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b) (1994), and Rules 10b-5 and 10b-10 promulgated thereunder, 17 C.F.R. § 240.10b-5, -10 (1999), by failing to disclose...
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