WYLY v. MILBERG WEISS BERSHAD


12 N.Y.3d 400 (2009)

SAM WYLY, Appellant, v. MILBERG WEISS BERSHAD & SCHULMAN, LLP, et al., Respondents.

Court of Appeals of New York.

Decided May 7, 2009.


Attorney(s) appearing for the Case

Bickel & Brewer, New York City (Luke A. McGrath, William A. Brewer III, Alexander D. Widell and Robert F. Dannhauser of counsel), for appellant.

Milberg LLP, New York City (Barry A. Weprin and Todd L. Kammerman of counsel), Stull, Stull & Brody (Jules Brody of counsel), and Barroway Topaz Kessler Meltzer & Check, LLP, Radnor, Pennsylvania (Katharine Ryan and John Gross of counsel), for respondents.

Judges CIPARICK, GRAFFEO, PIGOTT and JONES concur with Judge READ; Judge SMITH dissents in a separate opinion; Chief Judge LIPPMAN taking no part.


OPINION OF THE COURT

READ, J.

Petitioner Sam Wyly was an absent class member in a federal securities class action lawsuit; an absent class member is a member of a putative or certified class who is not a named party (see Hansberry v Lee, 311 U.S. 32, 40-41 [1940]). Respondents Milberg Weiss Bershad & Schulman, LLP; Stull, Stull & Brody; and Schiffrin & Barroway...

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