AAL HIGH YIELD BOND FUND v. DELOITTE & TOUCHE LLP

Nos. 02-16179, 02-16181.

361 F.3d 1305 (2004)

AAL HIGH YIELD BOND FUND, a series of Delaware Group Income Funds & formerly a series of Delaware Group Income Funds, Inc., on behalf of themselves individually & all others similarly situated, Delaware Delchester Fund, a series of Delaware Group Income Funds & formerly a series of Delaware Group Income Funds, Inc., on behalf of themselves individually & all others similarly situated, Plaintiffs-Appellees, v. DELOITTE & TOUCHE LLP, Bank of America Securities LLC, f.k.a. Nationsbanc Montgomery Securities LLC, Defendants-Appellants, Atlantic Equity Corporation, Blue Ridge Investments LLC, Interested Parties-Appellants. AAL High Yield Bond Fund, a series of Delaware Group Income Funds & formerly a series of Delaware Group Income Funds, Inc., on behalf of themselves individually & all others similarly situated, Delaware Delchester Fund, a series of Delaware Group Income Funds & formerly a series of Delaware Group Income Funds, Inc., on behalf of themselves individually & all others similarly situated, Plaintiffs-Appellees, v. Banc of America Securities LLC, f.k.a. Nationsbanc Montgomery Securities LLC, Defendant-Appellant, Atlantic Equity Corporation, Blue Ridge Investments LLC, Interested Parties-Appellants.

United States Court of Appeals, Eleventh Circuit.

March 2, 2004.


Attorney(s) appearing for the Case

Lee H. Zell, Balch & Bingham, Warren B. Lightfoot, Mac M. Moorer, Ivan B. Cooper, Lightfoot, Franklin & White, LLC, Birmingham, AL, Ignacio E. Salceda, Bruce G. Vanyo, Gregory L. Watts, Palo Alto, CA, for Appellants.

Richard T. Joffe, Thomas A. Dubbs, New York City, Dylan Cook Black, James W. Gewin, Bradley, Arant, Rose & White, LLP, David McKnight, III, William J. Baxley, Baxley, Dillard, Dauphin & McKnight, James L. North, James Timothy Francis, North & Associates, Luther M. Dorr, Jr., Maynard, Cooper, Frierson & Gale, Birmingham, AL, Dennis J. Block, Mary Elizabeth Taylor, Cadwalader, Wickersham & Taft, New York City, Ada Fernandez Johnson, Debevoise & Plimpton, Washington, DC, for Appellees.

Before ANDERSON and FAY, Circuit Judges, and NANGLE, District Judge.


ANDERSON, Circuit Judge:

This appeal arises in the context of class action securities litigation, settlements, and bar orders.

FACTS AND PROCEDURAL BACKGROUND

Just for Feet ("JFF"), a shoe retailer, sold $200 million in corporate notes (the "Notes") on April 12, 1999. JFF had recently borrowed $280 million, and the offering was intended to reduce that debt. Soon, however, JFF began reporting very poor financial news. On November 4, 1999, it filed...

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