Haft v. Eastland Financial Corp.

MEMORANDUM AND ORDER

PETTINE, Senior District Judge.

This case is representative of a number of cases that have recently been brought against financial institutions in the wake of the downturn in this region’s economy. The story is a familiar one in securities litigation. DiLeo v. Ernst & Young, 901 F.2d 624, 617 (7th Cir.), cert. denied, — U.S. -, 111 S.Ct. 347, 112 L.Ed.2d 312 (1990). “At one time the firm bathes itself in a favorable light. Later the firm discloses that things are less rosy. The plaintiff contends that the difference must be attributable to fraud.” Id. In the instant case,…