In Re Washington Public Power Supply System Securities Litigation. Henry Puchall v. Houghton, Cluck, Coughlin & Riley

CYNTHIA HOLCOMB HALL, Circuit Judge:

I

Between 1977 and 1981, the Washington Public Power Supply System (WPPSS) sold bonds with a face value of $2.25 billion to finance construction of two nuclear power plants. In 1982 WPPSS ceased construction of these plants and thereafter defaulted on the bond payments. In 1983 plaintiffs-appellants, purchasers of WPPSS bonds, filed a class action, on behalf of themselves and all others who purchased the bonds between February 23, 1977 and June 15, 1983, against WPPSS and nearly 200 other defendants alleging that the bonds were sold “on false pretenses” in…