Eichenholtz v. Brennan
United States Court of Appeals for the Third Circuit
52 F.3d 478 (3d Cir. 1995)
Facts
International Thoroughbred Breeders (ITB) (defendant) sought to raise money for a racetrack through the sale of securities. First Jersey (defendant), was the underwriter for the public offering. In the underwriting agreements, ITB agreed to indemnify First Jersey from any securities liability resulting from the public offerings. The plaintiffs brought suit based on § 11 of the Securities Act of 1933. The plaintiffs settled with ITB out of court. The district court entered a bar order, preventing any further judgment against ITB. This order invoked the proportionate judgment reduction rule. Under this rule, the jury in any trial involving a non-settling defendant such as First Jersey would award a judgment amount commensurate with the non-settling defendant’s share of liability. First Jersey appealed, arguing that the bar order inhibited its right to contribution and that it should be entitled to enforce the indemnification provisions in its agreements with ITB.
Rule of Law
Issue
Holding and Reasoning (Seitz, J.)
What to do next…
Here's why 705,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 44,300 briefs, keyed to 983 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.
