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BERSCH v. DREXEL FIRESTONE, INC.

No. 71 Civ. 5373.

389 F.Supp. 446 (1974)

Howard BERSCH, Plaintiff, v. DREXEL FIRESTONE, INC., et al., Defendants.

United States District Court, S. D. New York.

November 27, 1974.

Attorney(s) appearing for the Case

Silverman & Harnes, New York City, for plaintiff.

Sullivan & Cromwell, New York City, for defendants Drexel Firestone, Inc., Drexel Harriman Ripley, Pierson, Heldring & Pierson, Hill Samuel & Co., Ltd., Guinness Mahon & Co., Ltd.

Breed, Abbott & Morgan, New York City, for defendant Arthur Andersen & Co.

Davis, Polk & Wardwell, New York City, for defendant Smith Barney & Co., Inc., Banque Rothschild.

Willkie, Farr & Gallagher, New York City, for defendant J. H. Crang & Co.

Paul, Weiss, Rifkind, Wharton & Garrison, New York City, for defendant Investors Overseas Bank Limited.

Gold, Farrell & Marks, New York City, for defendant Bernard Cornfeld.

Wachtell, Lipton, Rosen & Katz, New York City, for defendant I.O.S., Ltd.

OPINION

ROBERT L. CARTER, District Judge.

Posture of the Litigation

The instant action involves yet another chapter in the fitful recent history of I.O.S., Ltd., the once high-flying mutual fund management corporation. Plaintiff sues on behalf of all who purchased I.O.S. stock from participating underwriters in a September, 1969, tripartite offering, and alleges, in substance, that the prospectuses pursuant to which the offering was made...

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