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LERCH v. CITIZENS FIRST BANCORP., INC.

Civ. A. No. 90-3538.

805 F.Supp. 1142 (1992)

V. Rachel LERCH, Plaintiff, v. CITIZENS FIRST BANCORP., INC., Defendant. Harriette ROTH, et al., Plaintiff, v. Richard G. KELLEY, et al., Defendants.

United States District Court, D. New Jersey.

August 11, 1992.

Attorney(s) appearing for the Case

Lester L. Levy, Robert C. Finkel, Wolf Popper Ross Wolf & Jones, New York City, Peter S. Pearlman, Cohn Lifland Pearlman Herrmann & Knopf, Saddle Brook, N.J., for plaintiff V. Rachel Lerch.

Michael R. Cole, Alan E. Kraus, Jeffrey J. Miller, Riker, Danzig, Scherer, Hyland & Perretti, Morristown, N.J., for defendants.

John J. Cahill, Walter W. Weber, Jr., Daniel M. Dwyer, Richard T. Garofalo, Wells, Garofalo, Jaworski & Liebman, Paramus, N.J., for defendant Richard G. Kelley.

Brian McDonough, Shanley & Fisher, P.C., New York City, for defendant Coopers & Lybrand.

Samuel Feldman, Laurence B. Orloff, Orloff, Lowenbach, Stifelman & Siegel, P.C., Roseland, N.J., for defendant Rodney T. Verblaauw.

James R. Van Horn, Sr. Vice President and Gen. Counsel, Citizens First Nat. of New Jersey, Glen Rock, N.J., for defendant Citizens First Bancorp, Inc.

Robert A. Fagella, Zazzali, Zazzali, Fagella & Nowak, Newark, N.J., for defendant Jack M. Blackin.

OPINION

HAROLD A. ACKERMAN, District Judge.

This matter involves allegations of securities fraud against a corporation and its outside auditor, and a vigorous argument by the defendant corporation and auditor that they, as well as other financial institutions, are being scapegoated for the current economic decline in the country. Defendants' argument takes the form of a motion to dismiss the complaint for failure to state a claim upon which relief can be...

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