Nos. 00-2520, 00-2683, 00-2708, 00-2709, 00-2733, 00-2734, 00-2769, 00-3653.

264 F.3d 201 (2001)

In re CENDANT CORPORATION LITIGATION. Joanne A. Aboff Family Trust, U/A Dated 2/11/92, Appellant in No. 00-2520. Betty Duncan, Appellant in No. 00-2683. Tere Throenle, Appellant in No. 00-2708. Janice G. Davidson; Robert M. Davidson, in his capacity as trustee of Robert M. Davidson Charitable Remainder Unitrust, and as co-trustee of Elizabeth A. Davidson Irrevocable Trust, Emilie A. Davidson Irrevocable Trust, John R. Davidson Irrevocable Trust, Emilie A. Davidson Charitable Remainder Unitrust and John R. Davidson Charitable Remainder Unitrust, Appellants in No. 00-2709. Faye Schonbrunn, Appellant in No. 00-2733. Ann Mark, Appellant in No. 00-2734. New York City Pension Funds, Appellant in No. 00-2769. New York City Pension Funds, Appellant in No. 00-3653.

United States Court of Appeals, Third Circuit.

Filed: August 28, 2001.

Attorney(s) appearing for the Case

Howard B. Sirota (Argued), Sirota & Sirota, New York, NY, Counsel for Appellant Joanne A. Aboff Family Trust.

Edward W. Cochran (Argued), Cochran & Cochran, Shaker Heights, OH, Frank H. Tomlinson, Pritchard, McCall & Jones, Birmingham, AL, Paul S. Rothstein, Gainesville, FL, Counsel for Appellant Betty Duncan.

C. Benjamin Nutley (Argued), Kendrick & Nutley, Beverly Hills, CA, Richard Galex, Galex, Tortoreti & Tomes, Brunswick, NJ, Counsel for Appellant Tere Throenle.

Gerald W. Palmer (Argued), Ricky L. Shackelford, Eugenia L. Castruccio, Jones, Day, Reavis & Pogue, Los Angeles, CA, Counsel for Appellants Robert and Janice Davidson.

Lawrence W. Schonbrun (Argued), Law Office of Lawrence W. Schonbrun, Berkeley, CA, Counsel for Appellant Faye Schonbrunn.

John Halebian (Argued), Wechsler, Harwood, Halebian & Feffer, Kenneth A. Elan, Law Offices of Kenneth A. Elan, New York, NY, Counsel for Appellant Ann Mark.

Michael D. Hess, Leonard J. Koerner, Lorna B. Goodman, Elizabeth S. Natrella (Argued), Leslie Conason, Corporation Counsel of the City of New York, New York City Law Department, New York, NY, Counsel for Appellants New York City Pension Funds.

Max W. Berger, Daniel L. Berger (Argued), Jeffrey N. Leibell, Bernstein, Litowitz, Berger, & Grossman, LLP, New York, NY, Leonard Barrack, Gerald J. Rodos, Jeffrey W. Golan, Barrack, Rodos, & Bacine, Philadelphia, PA, Counsel for Appellees California Public Employees' Retirement System, New York State Common Retirement Fund and The New York City Pension Funds.

Arthur R. Miller (Argued), Cambridge, MA, Counsel for Appellees Barrack, Rodos, & Bacine and Bernstein, Litowitz, Berger & Grossmann, LLP.

Alan N. Salpeter (Argued), Michele Odorizzi, Caryn L. Jacobs, Mayer, Brown & Platt, Chicago, IL, Douglas S. Eakley, Peter L. Skolnik, Lowenstein, Sandler, PC, Roseland, NJ, Kathryn A. Oberly, Robert G. Cohen, William P. Hammer, Jr., Ernst & Young, LLP, New York, NY, Counsel for Appellee Ernst & Young, LLP.

Carl Greenberg, Michael M. Rosenbaum, Budd, Larner, Gross, Rosenbaum, Greenberg & Sade, Short Hills, NJ, Samuel Kadet, Skadden, Arps, Slate, Meagher & Flom, New York, NY, Counsel for Appellee Cendant Corporation.

Herbert J. Stern, Stern, Greenberg & Kilcullen, Roseland, NH, Counsel for Appellee James E. Buckman.

David M. Becker, General Counsel, Meyer Eisenberg, Deputy General Counsel, Eric Summergrad, Deputy Solicitor, Luis De La Torre (Argued), Special Counsel, Nathan A. Forrester, Senior Counsel Securities and Exchange Commission, Washington, DC, Counsel for Amicus Curiae Securities and Exchange Commission.

Joseph A. Grundfest, The William A. Franke Professor of Law and Business, Stanford, Law School, Stanford, CA, Melanie M. Piech, Lieff, Cabraser, Heimann & Bernstein, LLP, San Francisco, CA, Counsel for Amicus Curiae Barclays Global Investors, N.A., Franklin Resources, Inc., New Hampshire Retirement System and Public Employees' Retirement Association of Colorado.

Before BECKER, Chief Judge, SLOVITER and AMBRO, Circuit Judges.


BECKER, Chief Judge.

  I.  INTRODUCTION & SUMMARY ....................................................... 217

 II.  FACTS & PROCEDURAL HISTORY ................................................... 221

      A.  Background ............................................................... 221
      B.  The Appointment of Lead Plaintiff and Lead Counsel


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