Legal Opinion
Sarah B. Shields, Individually and as Representative of All Others Similarly Situated v. Citytrust Bancorp, Inc., George F. Taylor and Irwin Engelman
Court of Appeals for the Second Circuit
Decided June 2, 1994No. 802, Docket 93-7738PublishedCited by 1,258 opinions
1Opinion of the Court
JACOBS, Circuit Judge:
As the aggrieved holder of somewhat less than one share of stock in Citytrust Bancorp, Inc. (“Citytrust”), Sarah B. Shields brought this class action claiming that Citytrust and two of its senior executives concealed and misrepresented Citytrust’s financial condition — in particular, facts concerning its loan portfolio and loan loss reserves — in violation of Section 10(b) of the Securities Exchange Act of 1934 (the “1934 Act”), 15 U.S.C. § 78j(b); Rule 10b-5 promulgated thereunder, 17 C.F.R. § 240.10b-5; and New York law on negligent misrepresentation. The senior…
2Cases cited28 opinions
- Conley v. GibsonSupreme Court of the United States · 1957
- Scheuer v. RhodesSupreme Court of the United States · 1974
- Mills v. Polar Molecular Corp.Court of Appeals for the Second Circuit · 1993
- Goldman v. BeldenCourt of Appeals for the Second Circuit · 1985
- Virginia Bankshares, Inc. v. SandbergSupreme Court of the United States · 1991
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3Cited by1,258 opinions
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