Robin v. Doctors Officenters Corp.
United States District Court for the Northern District of Illinois
686 F. Supp. 199 (1988)
- Written by Mary Phelan D'Isa, JD
Facts
The Doctors Officenters Corp., (Doctors) one of multiple defendants in a consolidated securities-fraud class action, moved to add Steiner Diamond (Steiner), the managing underwriter for the public offering under consideration, as a third-party defendant potentially liable for contribution and to decertify the class. The motion to join Steiner as a third-party defendant was granted. For its decertification motion, Doctors alleged a conflict of interest between the plaintiffs’ class representatives and Steiner, who had not been named as a defendant in any of the cases. The representatives argued that because Steiner had been potentially liable to the defendants since the start of the litigation, the appropriate remedy for the potential conflict was disclosure of the fact that Steiner was not named as an original defendant in any of the actions—instead of decertifying the class action.
Rule of Law
Issue
Holding and Reasoning (Conlon, J.)
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