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MCKESSON HBOC v. NEW YORK STATE COMMON RETIREMENT

Nos. 02-15301, 02-16272.

339 F.3d 1087 (2003)

McKESSON HBOC, Inc., Plaintiff-Counter-Claimant-Appellant, v. NEW YORK STATE COMMON RETIREMENT FUND, INC., individually and as a representative of a defendant class consisting of all persons who exchanged more than 20,000 shares of HBO & McKesson common stock for shares of McKesson HBOC, Inc. common stock on or after January 12, 1999 (as defined herein), Defendant-Counter-Defendant-Appellee. McKesson HBOC, Inc., Plaintiff-Counter-Claimant-Appellant, v. New York State Common Retirement Fund, Inc., individually and as a representative of a defendant class consisting of all persons who exchanged more than 20,000 shares of HBO & McKesson common stock on or after January 12, 1999 (as defined herein), Defendant-Counter-Defendant-Appellee.

United States Court of Appeals, Ninth Circuit.

Filed August 13, 2003.

Attorney(s) appearing for the Case

James E. Lyons, Skadden, Arps, Slate, Meagher & Flom LLP, San Francisco, California, and Jonathan J. Lerner, Skadden, Arps, Slate, Meagher & Flom LLP, New York, New York, for the appellant.

Daniel L. Berger, Bernstein Litowitz Berger & Grossmann LLP, New York, New York, and Alan Schulman, San Diego, California, for the appellee.

Before: WARREN J. FERGUSON, M. MARGARET McKEOWN, and JOHNNIE B. RAWLINSON, Circuit Judges.

Argued and Submitted April 8, 2003 — San Francisco, California.

OPINION

McKEOWN, Circuit Judge:

This case involves a novel securities fraud claim brought under state law. Essentially, McKesson HBOC is suing its own shareholders for unjust enrichment arising from a merger between McKesson and HBO & Company ("HBOC"). McKesson claims that the former HBOC shareholders are the beneficiaries of a windfall triggered by alleged accounting improprieties...

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