Quimbee logo
DMCA.com Protection Status
From our private database of 17,300+ case briefs...

In re American Continental Corp./Lincoln Savings and Loan Securities Litigation (Jones Day)

United States District Court for the District of Arizona
794 F.Supp. 1424 (1992)


Five separate actions for securities fraud were consolidated in federal district court. Among the claims was that the law firm of Jones, Day, Reavis & Pogue (Jones Day) (defendant) actively engaged to cover up regulatory deficiencies created by its client, American Continental Corporation (ACC) (defendant), a company that owned Lincoln Savings and Loan (Lincoln) (defendant). A Jones Day partner, William Schilling (defendant), previously worked as director of the Federal Home Loan Bank Board (FHLBB) where he noted that Lincoln had suffered serious regulatory violations. After joining Jones Day, however, Schilling and another partner visited ACC to conduct a regulatory compliance audit of Lincoln’s operations. After finding several violations, Schilling and Jones Day instructed Lincoln on how to rectify the serious problems so they could not be uncovered. Additionally, Jones Day had knowledge that Lincoln had committed fraudulent activities, consented to the destruction of certain documents, and was aware that Lincoln failed to make the required corrections. Jones Day filed a motion for summary judgment, arguing that it could not be held liable for counseling its client.

Rule of Law


Holding and Reasoning (Bilbey, J.)

What to do next…

  1. Unlock this case brief with a free (no-commitment) trial membership of Quimbee.

    You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 457,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.

  2. Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.

    Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.

Here's why 457,000 law students have relied on our case briefs:

  • Written by law professors and practitioners, not other law students. 17,300 briefs, keyed to 984 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.

Questions & Answers

Have a question about this case?

Sign up for a free 7-day trial and ask it

Sign up for a FREE 7-day trial