Legal Opinion

Baker, Watts & Company v. Miles & Stockbridge Timothy R. Casgar, Baker, Watts & Company v. Miles & Stockbridge Timothy R. Casgar

Court of Appeals for the Fourth Circuit

Decided August 7, 1989No. 88-1134(L), 88-1135PublishedCited by 60 opinions

1Opinion of the Court

WILKINSON, Circuit Judge:

Here we must determine whether a securities wrongdoer, held liable under § 12(2) of the Securities Act of 1933, 15 U.S.C. § 111(2), has an implied right to contribution or indemnification under that provision. We also must decide whether the federal securities laws preempt plaintiffs pendent statutory claims for contribution and indemnification, see Md. Corps. & Ass’ns Code Ann. § 11-101 et seq. (Maryland Securities Act), or plaintiff’s pendent common law actions for legal malpractice, negligent misrepresentation, and breach of contract.

We hold that there is no…

2Cases cited37 opinions

United Mine Workers of America v. GibbsSupreme Court of the United States · 1966
Cort v. AshSupreme Court of the United States · 1975
Rice v. Santa Fe Elevator Corp.Supreme Court of the United States · 1947
Massachusetts Mutual Life Insurance v. RussellSupreme Court of the United States · 1985
Touche Ross & Co. v. RedingtonSupreme Court of the United States · 1979

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3Cited by60 opinions

Delay v. Rosenthal Collins Group, LLCCourt of Appeals for the Sixth Circuit · 2009
Equal Rights Center v. NILES BOLTON ASSOCIATESCourt of Appeals for the Fourth Circuit · 2010
Ivan N. Schatz Joann B. Schatz v. Mark E. Rosenberg Mer Enterprises, Incorporated Stephen Jaeger Weinberg & GreenCourt of Appeals for the Fourth Circuit · 1991
First United Methodist Church of Hyattsville v. United States Gypsum CompanyCourt of Appeals for the First Circuit · 1989
Fed. Sec. L. Rep. P 98,658 Paulette Eichenholtz, Individually and on Behalf of All Others Similarly Situated and Derivatively on Behalf of International Breeders, Inc., and David W. Craig, (Intervenor in d.c.) v. Robert E. Brennan First Jersey Securities, Inc. International Thoroughbred Breeders, Inc. Garden State Racetrack, Inc. Rooney Pace, Inc. First Philadelphia Corporation Kerry B. Fitzpatrick John W. Allen Joseph C. Daniel, Jr. Jack Price Robert J. Quigley Norman Rothstein John J. Degnan Richard J. Hughes Ronald J. Riccio Joseph K. Fisher and Herbert Barness. Larry Salberg, Individually and on Behalf of All Others Similarly Situated and David W. Craig, (Intervenor in d.c.) v. Robert E. Brennan First Jersey Securities, Inc. International Thoroughbred Breeders, Inc. Rooney Pace, Inc. Kerry B. Fitzpatrick Robert J. Quigley John J. Degnan Richard J. Hughes Ronald J. Riccio and Joseph K. Fisher First Jersey Securities, Inc. Rooney Pace, Inc. And First Philadelphia Corporation, No. 94-5253, D.C. Civ. A. Nos. 88-Cv-00515, 88-Cv-00773Court of Appeals for the First Circuit · 1995

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