United States Court of Appeals for the Third Circuit
Fed. Sec. L. Rep. 90,136 (1998)
William Coleman, William Boyd, and others (collectively, defendants) partnered to purchase a securities broker business. Defendants hired the law firm of Drinker Biddle & Reath (Drinker) (defendant) to assist with the acquisition. Drinker partner, Robert Strouse, created legal documents that allowed for Mercer, LP, a limited partnership owned by Coleman, to purchase the securities business. Several individuals including Klein (collectively, plaintiffs) heavily invested in Mercer LP. Strouse prepared a disclosure package to be delivered to plaintiffs that failed to include Coleman’s extensive history of fraud, misrepresentations, and securities violations. After Mercer LP fell into financial distress, plaintiffs filed suit against defendants alleging violations of § 10(b) of the Securities Exchange Act of 1934 (the Act), Rule 10b-5, and § 1962 of the Racketeer Influenced and Corrupt Organizations Act (RICO). The district court granted Drinker’s motion for summary judgment and plaintiffs appealed.
Rule of Law
Holding and Reasoning (Mansmann, J.)
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