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RESNICK v. TOUCHE ROSS & CO.

Nos. 76 Civ. 3104, 76 Civ. 3280.

470 F.Supp. 1020 (1979)

Raymond RESNICK, Plaintiff, v. TOUCHE ROSS & CO., Defendant. Warren SPACHNER, Plaintiff, v. TOUCHE ROSS & CO., Defendant.

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

April 25, 1979.

Attorney(s) appearing for the Case

Burns & Burns, New York City, for plaintiffs by Spivack & Lasky, Chicago, Ill., of counsel.

Rosenman, Colin, Freund, Lewis & Cohen, New York City, for defendant by Arnold I. Roth, James K. Nevling, Jr., Steven A. Asher, Eugene Zemp DuBose, Jr., Arthur Linker, New York City, of counsel.

MEMORANDUM AND ORDER

WHITMAN KNAPP, District Judge.

This action presents another chapter in the "Weis debacle" — the collapse of Weis Securities, Inc. ("Weis") in May of 1973. Plaintiffs are purchasers of various classes of Weis stock. Their claim arises as security holders, and not as customers of that brokerage firm. Defendant Touche Ross was Weis' auditor at all times relevant to this action.

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