Kaser v. Swann

ORDER

G. KENDALL SHARP, District Judge.

Plaintiffs move for class certification. Defendants oppose the motion. Based on an examination of the relevant law, the court denies plaintiffs’ motion.

I. Facts

In May 1988, American Pioneer Savings Bank issued unsecured subordinated capital notes. American Pioneer offered the notes to obtain financing to meet federal regulations. The bank sold the notes in the lobbies of its branch offices to its existing customers and to anyone else who inquired about the notes. A prospectus disclosing financial information about American Pioneer was available for those…