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KRONFELD v. FIRST JERSEY NAT. BANK

Civ. No. 85-2929.

638 F.Supp. 1454 (1986)

Aaron KRONFELD, et al., Plaintiffs, v. FIRST JERSEY NATIONAL BANK, First National State Bank of NJ, Flagship Securities, Inc. Halpert, Oberst & Co., Gibralter Securities Co., Liss, Tenner & Goldberg, Inc. McDonald & Co. Securities, Inc., et al., Defendants.

United States District Court, D. New Jersey.

June 20, 1986.

Attorney(s) appearing for the Case

Neal F. Hooley, Hooley, Butler, Di Francesco & Kelly, Westfield, N.J., for plaintiffs.

Robert M. Axelrod, Sills, Beck, Cummins, Zuckerman, Radin, Tishman & Epstein, Newark, N.J., for First Nat. State Bank of N.J., Flagship Securities, Halpert, Obsert & Co., Liss, Tenner & Goldberg, Inc., Mid-State Securities, R.W. Peters, Rickel & Co., Inc., Municipal Investors & McDonald & Co. Securities, Inc.

James R. Van Horn, First Jersey Nat. Corp., Jersey City, N.J., for defendant First Jersey Bank.

Brian N. Lokker, Williams, Caliri, Miller & Otley, Wayne, N.J., for defendants Ryan, Beck & Co., Inc. and John J. Ryan Co.

Zulima V. Farber, Lowenstein, Sandler, Brochin, Kohl Fisher, Boylan & Meanor, Roseland, N.J., for Gibraltar Securities and J.B. Hanauer & Co.

OPINION

HAROLD A. ACKERMAN, District Judge.

This litigation arises from the largest default on municipal bonds in American history. The bonds, $2.25 billion of which were sold on the public market, were issued by the Washington Public Power Supply System ("WPPSS") from 1977 to 1981 to finance two nuclear power plants in the State of Washington. Approximately 1400 purchasers of the bonds have brought suit here...

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