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DUDEK v. PRUDENTIAL SECURITIES, INC.

No. 01-2782.

295 F.3d 875 (2002)

Kazimierz J. DUDEK; Margaret Varley Dudek, on behalf of themselves and all others similarly situated, Plaintiffs-Appellants, v. PRUDENTIAL SECURITIES, INC., et al., Defendants-Appellees.

United States Court of Appeals, Eighth Circuit.

Filed: July 15, 2002.

Attorney(s) appearing for the Case

Robert B. Weintraub, argued, New York City (Daniel W. Krasner, Roger T. Stetson and Michael R. Reck, on the brief), for appellants.

Patrick M. Roby, argued, Cedar Rapids, IA (Robert M. Hogg, James J. Rohn, John H. McKeon, Jr., Patricia M. Hamill, Robert D. Houghton, Nancy J. Penner, Stephen L. Ratner and Bruce M. Sabados, on the brief), for appellees.

Before LOKEN, Circuit Judge, GOLDBERG, Judge of the United States Court of International Trade, and KYLE, District Judge.

LOKEN, Circuit Judge.

The Private Securities Litigation Reform Act of 1995 enacted procedural reforms to enable district courts to weed out meritless class actions alleging fraud in the purchase and sale of securities. See 15 U.S.C. 77z-1(b), 78u-4(b); Lander v. Hartford Life & Annuity Ins. Co., 251 F.3d 101, 107 (2d Cir.2001). An unintended result was to "dr[i]ve many would-be plaintiffs to file their claims in...

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