MAYOR AND CITY COUNCIL OF BALTIMORE v. CITIGROUP

Docket Nos. 10-0722-cv(L), 10-0867-cv(CON).

709 F.3d 129 (2013)

MAYOR AND CITY COUNCIL OF BALTIMORE, MARYLAND, On Behalf of Themselves and All Others Similarly Situated, Russell Mayfield, Individually and on Behalf of Himself and of all Others Similarly Situated, Paul Walton, Individually and on Behalf of Himself and all Others Similarly Situated, John Abbott, Individually and on Behalf of Himself and all others Similarly Situated, Plaintiffs-Appellants, v. CITIGROUP, INC., Citigroup Global Markets, Inc., UBS AG, UBS Securities LLC, UBS Financial Services, Inc., Merrill Lynch & Company, Inc., Morgan Stanley, Lehman Brothers Holdings, Inc., Bank of America Corporation, Wachovia Corporation, Wachovia Securities, LLC, Wachovia Capital Markets, LLC, The Goldman Sachs Group, Inc., JP Morgan Chase & Company, Royal Bank of Canada, Deutsche Bank, AG, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided: March 5, 2013.


Attorney(s) appearing for the Case

Allan Steyer , Steyer Lowenthal Boodrookas Alvarez & Smith LLP, San Francisco, CA ( Henry A. Cirillo , Lisa Marie Black , Steyer Lowenthal Boodrookas Alvarez & Smith LLP, San Francisco, CA; Michael D. Hausfeld , Steig D. Olson , Michael P. Lehmann , Jon T. King , Hausfeld LLP, New York, NY; and Arun S. Subramanian , Susman Godfrey LLP, New York, NY, for Plaintiffs-Appellants Mayor and City Council of Baltimore, MD, on behalf of themselves and all others similarly situated, on the brief), for Plaintiffs-Appellants Russell Mayfield, Paul Walton, and John Abbot, individually and on behalf of themselves and all others similarly situated.

Jonathan K. Youngwood , Simpson Thacher & Bartlett LLP, New York, N.Y. ( Thomas C. Rice and Hillary C. Mintz , Simpson Thacher & Bartlett LLP, New York, NY; Brad S. Karp , Charles E. Davidow , Kenneth A. Gallo and Andrew C. Finch , Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY, for Defendants-Appellees Citigroup Inc. and Citigroup Global Markets, Inc.; Donald W. Hawthorne , Benjamin Sirota and William Weeks , Debevoise & Plimpton LLP, New York, NY, for Defendants-Appellees UBS AG, UBS Securities LLC and UBS Financial Services, Inc.; Jay B. Kasner , Paul M. Eckles and Shepard Goldfein , Skadden, Arps, Slate, Meagher, & Flom LLP, New York, NY, for Defendant-Appellee Merrill Lynch & Co., Inc.; Bradley J. Butwin , Jonathan Rosenberg and Andrew Frackman , O'Melveny & Myers LLP, New York, NY, for Defendant-Appellee Bank of America Corporation; Gregory A. Markel and Ronit Setton , Cadwalader, Wickersham & Taft LLP, New York, NY, for Defendant-Appellee Morgan Stanley ; Arthur S. Greenspan and Jon Connolly , Richards Kibbe & Orbe LLP, New York, NY, for Defendants-Appellees Wachovia Corporation, Wachovia Securities, LLC and Wachovia Capital Markets, LLC; David H. Braff , David M.J. Rein and William H. Wagener , Sullivan & Cromwell LLP, for Defendant-Appellee The Goldman Sachs Group, Inc.; Sean M. Murphy , Milbank, Tweed, Hadley & McCloy LLP, New York, NY, for Defendant-Appellee Royal Bank of Canada; and Stephen L. Saxl and Toby S. Soli , Greenberg Traurig, LLP, New York, NY, for Defendant-Appellee Deutsche Bank AG, on the brief) for Defendant-Appellee JP Morgan Chase & Co.

Before: LEVAL, KATZMANN, and HALL, Circuit Judges.


HALL, Circuit Judge:

This case is one of many arising out of the collapse of the market for auction rate securities in early 2008. Plaintiffs in this consolidated action seek relief on behalf of two large putative classes — one whose members bought auction rate securities and one whose members issued them. Defendants, who rank among the world's largest and best-known financial institutions, are alleged to have triggered the market's collapse by conspiring with...

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