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LUM v. BANK OF AMERICA

No. 01-4348.

361 F.3d 217 (2004)

Hing Q. LUM; Debra Lum, husband and wife, individually and on behalf of all persons similarly situated; Gary Oriani v. BANK OF AMERICA; Citibank, N.A.; Chase Manhattan Bank; Morgan Guaranty Trust Co.; First Union National Bank; Wells Fargo Bank, N.A.; Fleet Bank; PNC Bank N.A.; The Bank of New York; Key Bank; Bank One; U.S. Bank; John Does, One Through 100 Hing Q. Lum, Debra Lum, and Gary S. Oriani, Appellants.

United States Court of Appeals, Third Circuit.

Filed March 11, 2004.

Attorney(s) appearing for the Case

Ira A. Schochet, G. Martin Meyers, (Argued), Denville, for Appellants.

William E. Deitrick, Mayer, Brown, Rowe & Maw, Chicago, Richard H. Klapper, Sullivan & Cromwell, New York, Kenneth N. Laptook, Wolff & Samson, P.C., Roseland, Peter E. Greene, (Argued), Skadden, Arps, Slate, Meagher & Flom, LLP, New York, Joseph L. Buckley, Sills, Cummis, Radin, Tischman, Epstein & Gross, Newark, Gregory R. Haworth, Duane, Morris LLP, Newark, Anthony J. Laura, Reed Smith, LLP, Newark, Anthony P. La Rocco, Kirkpatrick & Lockhart, LLP, Newark, Darryl J. May, Ballard, Spahr, Andrews & Ingersoll, LLP, Philadelphia, Frederick A. Nicoll, Dorsey & Whitney, LLP, Paramus, Brian J. McMahon, Gibbons, Del Deo, Dolan, Griffinger & Vecchione, Newark, William T. Marshall, Zeichner, Ellman & Krause, Roseland, Allen E. Molnar, Klett, Rooney, Lieber & Schorling, Newark, Mark S. Melodia, Reed Smith, Princeton Forrestal Village, Princeton, for Appellees.

Before SLOVITER, ALITO and ROTH, Circuit Judges.

OPINION

ROTH, Circuit Judge.

The meaning of the term "prime rate" lies at the heart of this appeal. Plaintiffs, Hing Q. Lum, his wife Debra, and Gary Oriani have borrowed money from defendant banks pursuant to lending agreements with "prime plus" interest rates. Plaintiffs claim in their Amended Complaint that the defendant banks, in setting "prime plus" interest rates, have violated the Sherman Antitrust Act, 15...

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