In Re American Continental Corporation/Lincoln Savings & Loan Securities Litigation

MEMORANDUM OPINION

BILBY, District Judge.

This Opinion describes the basis of this court’s rulings by Order of February 14, 1992, on motions for summary judgment filed by parties to these consolidated actions.

I. PROCEDURAL HISTORY

Five separate actions are consolidated before this court. Sarah B. Shields v. Charles H. Keating, Jr. (“Shields”), a class action on behalf “all persons who purchased securities, stock or debentures, of American Continental Corporation (“ACC”) between January 1,1986 and April 14, 1989,” Shields v. Keating, No. CV 89-2052 SVW (C.D.Cal.1989) (Order re Class…