Legal Opinion
Fed. Sec. L. Rep. P 93,265 Jacob Fershtman v. Herman J. Schectman
Court of Appeals for the Second Circuit
Decided November 3, 1971No. 107, Docket 71-1572PublishedCited by 38 opinions
1Opinion of the Court
FRIENDLY, Chief Judge:
This case represents another attempt to invoke the antifraud provisions of federal securities legislation and the SEC’s Rule 10b-5 to confer federal jurisdiction in a situation to which the statutes and rule do not apply.
Plaintiffs-appellants are nine of forty-seven limited partners in Penn Associates (Penn) suing both individually and derivatively. Defendants are the general partners of Penn, Arthur Young & Company (Penn’s accountants), and the 461 — 8th Avenue Corporation. Although the complaint is long and diffuse and contains many immaterial allegations, the nub of…
2Cases cited4 opinions
- Meinhard v. SalmonNew York Court of Appeals · 1928
- T. B. Harms Company v. Edward Eliscu and Ross Jungnickel, Inc.Court of Appeals for the Second Circuit · 1964
- Harold DRACHMAN and Claire Drachman, Plaintiffs-Appellants, v. Lawrence A. HARVEY Et Al., Defendants-AppelleesCourt of Appeals for the Second Circuit · 1972
- Florence K. Levine, as of the Last Will and Testament of Irving Levine, Deceased v. Seilon, Inc.Court of Appeals for the Second Circuit · 1971
3Cited by38 opinions
- Arnold B. ELKIND, Plaintiff-Appellee-Cross-Appellant, v. LIGGETT & MYERS, INC., Defendant-Appellant-Cross-AppelleeCourt of Appeals for the Second Circuit · 1980
- Goldberg v. MeridorCourt of Appeals for the Second Circuit · 1977
- Fed. Sec. L. Rep. P 93,548 Radiation Dynamics, Inc. v. Lawrence GoldmuntzCourt of Appeals for the Second Circuit · 1972
- Ingenito v. Bermec Corp.District Court, S.D. New York · 1977
- Percy D. AYRES, Appellant, v. MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.Court of Appeals for the Third Circuit · 1976
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