Parsky v. First Union Corp.

HERRON, J.,

-This opinion addresses the motion of plaintiffs Robert Parsky and Ann Roantree to certify a class of investors who allegedly incurred substantial tax liabilities due to defendant First Union Corporation’s conversion of nine common trust funds. *470According to the plaintiffs, it is not so much the conversion of the common trust funds that led to the high taxable gains for the plaintiffs, but rather the sale of stock done in anticipation of the funds’ conversion that did so.

Even First Union Corporation appears to concede that those who invested in the same common trust fund as the…