RIFKIN v. BEAR STEARNS & CO., INC.

No. 00-2028.

248 F.3d 628 (2001)

Robert F. RIFKIN, Raymond G. Scachitti, and Patrick J. Houlihan, Plaintiffs-Appellants, Derivatively on Behalf of County of Cook, Nominal Plaintiff, on behalf of itself and all other municipal and governmental entities similarly situated, Plaintiff-Appellee, v. BEAR STEARNS & CO., INC., Public Sector Group, Inc., Seaway National Bank of Chicago, and Ernst & Young, L.L.P., Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided April 19, 2001.


Attorney(s) appearing for the Case

Clinton A. Krislov (argued), Robert J. Stein, III, Krislov & Associates, Paul A. Castiglione, Office of the State's Attorney of Cook County, Chicago, IL, for plaintiffs-appellants.

Sanjay T. Tailor (argued), Office of the States Attorney of Cook County, Nicholas P. Ivarone, Bellows & Bellows, Richard J. Hickey, Hickey, Driscoll, Kurfirst, Patterson & Melia, Stanley J. Parzen (argued), Mayer, Brown & Platt, Chicago, IL, A. Robert Pietrzak, Brown & Wood, New York, NY, for defendants-appellees.

Before COFFEY, RIPPLE, and DIANE P. WOOD, Circuit Judges.


DIANE P. WOOD, Circuit Judge.

In 1992, Bear Stearns & Co., with the help of the other defendants in this case, orchestrated a bond refinancing plan for Cook County. According to the plaintiffs, the way the defendants handled the transaction cheated Cook County and the United States Treasury out of almost $250,000. The plaintiffs, citizens of Cook County who were not purchasers of the bonds and had no direct involvement in the refinancing transactions, brought...

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