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CITY OF CHICAGO EX REL. SCACHITTI v. PRUDENTIAL SEC., INC.

Nos. 1-01-0851, 1-01-2111.

772 N.E.2d 906 (2002)

332 Ill. App.3d 353

265 Ill.Dec. 535

CITY OF CHICAGO ex rel. Raymond G. SCACHITTI, Patrick J. Houlihan, and Robert F. Rifkin, on behalf of itself and all other municipal and governmental entities similarly situated, Plaintiffs-Appellants, v. PRUDENTIAL SECURITIES, INC., Everen Securities, Inc., Deloitte & Touche, Altschuler, Melvoin & Glasser L.L.P., Defendants-Appellees. County of Dupage ex rel. Adriana DiPaolo, on behalf of itself and all other municipal and governmental entities similarly situated, Plaintiffs-Appellants, v. William Blair & Company, L.L.C., Defendant-Appellee (Jerry L. Lacy, Defendant).

Appellate Court of Illinois, First District, Fifth Division.

June 28, 2002.

Attorney(s) appearing for the Case

Krislov & Associates, Ltd., Chicago (Clinton A. Krislov, Robert J. Stein III and Michael R. Karnuth, of counsel), for Appellant.

Ungaretti & Harris, Chicago (Miriam G. Bahcall and Rawn Howard Reinhard, of counsel), for Appellee, Prudential Securities, Inc.

Foley & Lardner, Chicago (Douglas M. Hagerman, of counsel), for Appellees, Everen Securities, Inc. and William Blair & Co., LLC.

Mayer, Brown & Platt, Chicago (Alan Salpeter, Michele Odorizzi and Jonathan C. Medow, of counsel), for Appellee, Deloitte & Touche LLP.

Piper, Marbury, Rudnick & Wolfe, Chicago (Lawrence A. Wojcik and Dennis J. Powers, of counsel), for Appellee, Altschuler, Melvoin and Glasser, LLC.

Presiding Justice CAMPBELL delivered the opinion of the court:

In appeal number 1-01-0851, plaintiffs Raymond G. Scachitti, Patrick J. Houlihan and Robert F. Rifkin (Scachitti plaintiffs), residents and taxpayers of the City of Chicago (City), filed a lawsuit on behalf of the City against defendants Prudential Securities, Inc. (Prudential), Everen Securities, Inc. (Everen)1, Deloitte & Touche (Deloitte), and Altschuler, Melvoin, and...

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