Kenneth E. NEWTON; MLPF & S Cust. FPO, Bruce Zakheim Ira Fbo Bruce Zakheim,
v.
MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.; Painewebber, Inc.
Jeffrey Phillip Kravitz,
v.
Dean Witter Reynolds, Inc.
MLPF & S CUST. FPO, Bruce Zakheim IRA FBO Bruce Zakheim, Jeffrey Phillip Kravitz, Gloria Binder, Appellants.
United States Court of Appeals, Third Circuit.https://leagle.com/images/logo.png
Argued December 14, 2000.
Filed August 6, 2001.
Attorney(s) appearing for the Case
KAREN L. MORRIS, ESQUIRE (ARGUED) Morris & Morris 1105 North Market Street, Suite 1600 Wilmington, Delaware 19801, Attorney for Appellants.
STEPHEN M. SHAPIRO, ESQUIRE (ARGUED) Mayer, Brown & Platt 190 South LaSalle Street Chicago, Illinois 60603, Attorney for Appellees, Merrill Lynch, Pierce, Fenner & Smith, Inc., PaineWebber, Inc., and Dean Witter Reynolds, Inc.
DAVID A. BROWNLEE, ESQUIRE Kirkpatrick & Lockhart Henry W. Oliver Building 535 Smithfield Street Pittsburgh, Pennsylvania 15222, Attorney for Appellee, Merrill Lynch, Pierce, Fenner & Smith, Inc.
PAUL J. FISHMAN, ESQUIRE Friedman, Kaplan & Seiler One Gateway Center, 25th Floor Newark, New Jersey 07102
ROBERT B. McCAW, ESQUIRE Wilmer, Cutler & Pickering 520 Madison Avenue New York, New York 10022, Attorneys for Appellee, PaineWebber, Inc.
WILLIAM H. PRATT, ESQUIRE Kirkland & Ellis Citigroup Center 153 East 53rd Street New York, New York 10022, Attorney for Appellee, Dean Witter Reynolds, Inc.
KARL A. GROSKAUFMANIS, ESQUIRE Fried, Frank, Harris, Shriver & Jacobson 1001 Pennsylvania Avenue, N.W., Suite 800 Washington, D.C. 20004, Attorney for Amicus Curiae Appellees, Securities Industry Association.
BEFORE: SCIRICA, FUENTES and GARTH, Circuit Judges.
United States Court of Appeals, Third Circuit.
OPINION OF THE COURT
SCIRICA, Circuit Judge.
In this putative class action under § 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5, thousands of investors sued their broker-dealers, who traded on the National Association of Securities Dealers Automated Quotation System (NASDAQ), for breaching their duty of best execution. Despite the broker-dealers' duty to execute trades under the most "favorable...
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