IN RE CENDANT CORP.

No. 99-5485.

260 F.3d 183 (2001)

In re CENDANT CORP., (formerly known as CUC International, Inc.) Cendant Capital I. Lester A. Goldstein, on behalf of himself and all others similarly situated; Welch & Forbes Inc., an institutional investment manager, individually and on behalf of all others similarly situated, v. Walter A. Forbes; Cosmo Corigliano; Anne M. Pember; Merrill Lynch & Co.; Chase Securities Inc.; Henry R. Silverman, v. Ernst & Young; Cendant Membership Services, Inc.; Casper Sabatino; Steven P. Speaks; Kevin T. Kearney; Mary Sattler; Howard Sirota, Appellant.

United States Court of Appeals, Third Circuit.

Filed August 8, 2001.


Attorney(s) appearing for the Case

Adam N. Saravay, Esq., (argued), McCarter & English, LLP Four Gateway Center, 100 Mulberry Street, Newark, New Jersey 07102, Attorneys for Appellant.

Judith E. Harris (argued), Morgan, Lewis & Bockius, LLP, 1701 Market Street, Philadelphia, Pennsylvania 19103, Amicus Curiae in support of the Order of the District Court.

Before: SCIRICA, FUENTES, and GARTH, Circuit Judges.


OPINION OF THE COURT

FUENTES, Circuit Judge.

This appeal raises important questions concerning the use of sealed bids in auctions conducted to select lead counsel in class action lawsuits. The genesis of the appeal lies in the District Court's selection of lead counsel in the Cendant "PRIDES" securities litigation based on the results of a competitive bidding process. The core of the dispute involves a confidentiality order in which the District Court decided...

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