Peil v. National Semiconductor Corp.
United States District Court for the Eastern District of Pennsylvania
86 F.R.D. 357 (1980)
- Written by Salina Kennedy, JD
Facts
After losing money on the purchase of National Semiconductor Corporation (National) (defendant) stock, R. K. Peil (plaintiff) filed a securities-fraud suit, alleging that National had inflated its stock values by misrepresenting the company’s financial health. Peil sought class-action certification and requested that the court name him as representative of a class of all individuals who bought National stock between July 1, 1976, and March 1, 1977. National objected to the naming of Peil as class representative, arguing that the court should require a plaintiff’s representative to have firsthand knowledge of the facts underlying the complaint. National further argued that this rule was necessary because, in this case, it was Peil’s attorney, rather than Peil, who had developed the knowledge on which the complaint was based, making Peil’s attorney the real party in interest and giving rise to potential conflicts of interest.
Rule of Law
Issue
Holding and Reasoning (Hannum, J.)
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