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CUMIS INS. SOC., INC. v. E. F. HUTTON & CO., INC.

No. 74 Civ. 4396 (GLG).

457 F.Supp. 1380 (1978)

CUMIS INSURANCE SOCIETY, INC., Plaintiff, v. E. F. HUTTON & COMPANY, INC., George D. Oppenheimer & Co., Inc., George D. Oppenheimer, Generex Corporation, Joseph Saleh and Jacob Jaeger, Defendants. E. F. HUTTON & COMPANY, INC., Third-Party Plaintiff, v. The CHESTNUT RUN FEDERAL CREDIT UNION, Third-Party Defendant and Fourth-Party Plaintiff, v. EMPLOYERS MUTUAL LIABILITY INSURANCE COMPANY OF WISCONSIN, a corporation of the State of Wisconsin and the Aetna Casualty and Surety Company, a corporation of the State of Connecticut, Fourth-Party Defendants.

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

October 16, 1978.

Attorney(s) appearing for the Case

Hart & Hume, New York City, for plaintiff, by Eugene F. Brady, Gary Lloyd, New York City, of counsel.

Cahill, Gordon & Reindel, New York City, for defendant, E. F. Hutton & Co., by Thomas F. Curnin, Adolpho R. Garcia, Kenneth A. Richieri, New York City, of counsel.

OPINION

GOETTEL, District Judge.

This securities action presents a good example of a plaintiff's deep-pocket theory that attempts to stretch the securities laws beyond recognition. The Court finds them not sufficiently elastic to reach this particular pocket.

The plaintiff, Cumis Insurance Society ("Cumis"), is the assignee of two credit unions, Wepco and Amcello, who were the victims of a fraud perpetrated by an investment advisor named George Oppenheimer...

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