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In re Colocotronis Tanker Securities Litigation

420 F. Supp. 998 (1976)

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In re Colocotronis Tanker Securities Litigation

Judicial Panel on Multidistrict Litigation
420 F. Supp. 998 (1976)

Facts

The Colocotronis family owned several companies that operated in the oil-tanker charter industry. The European-American Banking Corporation (EAB) was the arranger for loans made to the Colocotronis entities. Upon the Colocotronises’ default on the loans, six of the lenders on the EAB-arranged loans (lenders) (plaintiffs) filed suit in federal court in New York, Pennsylvania, and Texas against EAB and, in one case, Deutsche Bank (which owned approximately 20 percent of EAB). The lenders alleged that (1) EAB violated federal and state securities laws by making materially false and misleading statements and omissions in connection with the loans, (2) EAB committed common-law fraud and breached its common-law fiduciary duties, and (3) Deutsche Bank aided and abetted EAB’s violations. The lenders also alleged that Deutsche Bank should be held liable as EAB’s controlling person.

Rule of Law

Issue

Holding and Reasoning (Per curiam)

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