Docket No. 06-2143-cv.

502 F.3d 91 (2007)

CORDES & COMPANY FINANCIAL SERVICES, INC. and EqualNet Communications Corporation, on behalf of themselves and all others similarly situated, Plaintiffs-Appellants, v. A.G. EDWARDS & SONS, INC., BancBoston Robertson Stephens & Company, Bear Stearns & Co., Chase Hambrecht & Quist, Inc., CIBC Oppenheimer Corp., Cowen & Co., Credit Suisse First Boston Corporation, DB Alex. Brown LLC formerly known as BT Alex Brown Inc., Donaldson, Lufkin & Jenrette, Inc., Everen Securities, Inc., The Goldman Sachs Group, Inc., Hanifen Inhoff Inc., ING Barings LLC, J.C. Bradford & Co., J.P. Morgan Securities, Inc., Jefferies & Company, Inc., Johnson Rice & Company, Legg Mason Wood Walker Inc., Lehman Brothers Inc., Merrill Lynch & Co., Morgan Stanley Dean Witter & Co., NationsBanc Montgomery Securities, Paine Webber Group, Inc., Piper Jaffray & Co., Inc., Prudential Securities Incorporated, Raymond James & Associates, Inc., Salomon Smith Barney, Inc. and UBS Warburg LLC, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided: September 11, 2007.

Attorney(s) appearing for the Case

Roger W. Kirby, Kirby McInerney & Squire LLP (Randall K. Berger, Henry P. Monaghan, of counsel), New York, NY, for Plaintiffs-Appellants.

Robert F. Wise, Jr., Davis Polk & Wardwell (Edmund Polubinski III, Christopher Withers, Kavita Kumar, of counsel), New York, NY, for Defendant-Appellee Morgan Stanley (sued as Morgan Stanley Dean Witter & Co.).

James B. Weidner, Clifford Chance US LLP (Jon R. Roelke, Jeffrey H. Drichta, of counsel), New York, NY, for Defendants-Appellees Merrill Lynch, Pierce Fenner & Smith Incorporated, and Merrill Lynch & Co.

Gandolfo V. DiBlasi, Sullivan & Cromwell LLP (Steven L. Holley, Penny Shane, David Rein, of counsel), New York, NY, for Defendant-Appellee Goldman, Sachs & Co. (sued as The Goldman Sachs Group, Inc.).

Robert B. McCaw, Wilmer Cutler Pickering Hale and Dorr LLP (Ali M. Stoeppelwerth, Fraser L. Hunter, Jr., of counsel), New York, NY, for Defendant-Appellee Citigroup Global Markets, Inc. (sued as Salomon Smith Barney, Inc.).

Jay B. Kasner, Skadden, Arps, Slate, Meagher & Flom LLP (Shepard Goldfein, Gary A. MacDonald, of counsel), New York, NY, for Defendants-Appellees CIBC World Markets Corp. (sued as CIBC Oppenheimer Corp.), ABN AMRO Inc. (as successor-in-interest to ING Barings LLC) and Cowen and Company, LLC (f/k/a SG Cowen & Co., LLC and SG Cowen Securities Corp.; sued as Cowen & Co.).

Gregory A. Markel, Cadwalader, Wickersham & Taft LLP (Ronit Setton, Amanda Kosowsky, of counsel), New York, NY, for Defendants-Appellees Banc of America Securities LLC (sued as NationsBanc Montgomery Securities) and Robertson Stephens, Inc. (sued as BancBoston Robertson, Stephens & Company).

Bradley J. Butwin, O'Melveny & Myers LLP, New York, NY, for Defendants-Appellees UBS Securities LLC f/k/a UBS Warburg, LLC (sued as UBS Warburg LLC), J.C. Bradford & Co. and UBS Financial Services Inc. f/k/a UBS PaineWebber Inc. (sued as Paine Webber Group, Inc.).

A. Robert Pietrzak, Sidley Austin LLP (Joel M. Mitnick, Benjamin R. Nagin, of counsel), New York, NY, for Defendant-Appellee Bear, Stearns & Co. Inc.

Thomas J. Kavaler, Cahill Gordon & Reindel LLP (Elai Katz, of counsel), New York, NY, for Defendant-Appellee Prudential Equity Group, LLC (sued as Prudential Securities Incorporated).

Joseph Ingrisano, Kutak Rock LLP (Robert A. Jaffe, of counsel), Washington, D.C., for Defendant-Appellee A.G. Edwards & Sons, Inc.

Charles E. Koob, Simpson Thacher & Bartlett LLP (Joseph F. Tringali, of counsel), New York, NY, for Defendants-Appellees Lehman Brothers Inc. and J.P. Morgan Securities Inc. (sued as Chase Hambrecht & Quist).

Jeremy G. Epstein, Shearman & Sterling LLP (Kenneth M. Kramer, Richard F. Schwed, of counsel), New York, NY, for Defendants-Appellees Credit Suisse Securities (USA) LLC, f/k/a Credit Suisse First Boston LLC (sued as Credit Suisse First Boston Corporation) and Donaldson Lufkin & Jenrette, Inc.

Jay N. Varon, Foley & Lardner LLP (Samuel J. Winer, Bryan B. House, of counsel), Washington, D.C., for Defendants-Appellees Everen Securities, Inc., Raymond James & Associates, Inc. and Piper Jaffray & Co. (sued as U.S. Bancorp Piper Jaffray Inc.).

Douglas A. Rappaport, DLA Piper US LLP (Lewis A. Noonberg, Philip Huynh, of counsel), New York, NY, for Defendant-Appellee Deutsche Bank Securities, Inc. (sued as BT Alex. Brown).

Bernard J. Garbutt III, Morgan Lewis & Bockius LLP (Leza M. DiBella, of counsel), New York, NY, for Defendant-Appellee Jefferies & Company, Inc.

Charles O. Monk II, Saul Ewing LLP (Joseph M. Fairbanks, of counsel), Baltimore, MD, for Defendant-Appellee Legg Mason Wood Walker, Inc.

David Radlauer, Jones, Walker, Waechter, Poitevent, Carrere & Denegre, L.L.P. (Mark A. Cunningham, of counsel), New Orleans, LA, for Defendant-Appellee Johnson Rice & Company.

L. Norton Cutler, Perkins Coie, LLP, Denver, CO, for Defendant-Appellee Hanifen Imhoff Inc.

Before: SACK, B.D. PARKER, and HALL, Circuit Judges.

SACK, Circuit Judge:

The first of the named plaintiffs in this lawsuit — Cordes & Company Financial Services, Inc. ("Cordes") — is the assignee of an antitrust claim against the defendants formerly asserted by Western Pacific Airlines Inc. ("Western Pacific"). The interests in this litigation of the second named-plaintiff — EqualNet Communications Corporation ("EqualNet") — are being pursued by the Unsecured Creditors Trust ("Creditors...


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