United States Second Circuit

Under the Securities Litigation Uniform Standards Act, only class actions brought by plaintiffs who satisfy the purchaser-seller rule of Blue Chip v. Manor Drug Stores, 421 U.S. 723 (1975), are subject to federal securities laws.

Appellate Information

• Decided 01/11/2005
• Published 01/11/2005

Judges

• SOTOMAYOR, Circuit Judge., Before:  OAKES, SOTOMAYOR and WESLEY, Circuit Judges.

Court

• United States Second Circuit

Counsel

• For Appellant:
  
• Clell I. Cunningham, Dunn, Swan & Cunningham (William B. Federman and Stuart B. Emmons, Federman & Sherwood, on the brief), Oklahoma City, Oklahoma, for plaintiff-appellant Shadi Dabit., Ira Neil Richards (Joanne G. Noble), Trujillo Rodriguez & Richards, LLC (Mark Wermerskirchen, Darval, Wermerskirchen & Frank P.A., Samuel D. Heins and Stacey Mills, Heins Mills & Olson, P.L.C., Kenneth A. Wexler, The Wexler Firm, and Anthony J. Bolognese, Bolognese & Associates, LLC, on the brief), Philadelphia, Pennsylvania, for plaintiffs-appellants IJG Investments and Irlys Guy.


• For Appellees:
  
• Jay B. Kasner, Skadden, Arps, Slate, Meagher & Flom LLP (Edward J. Yodowitz, Scott D. Musoff, Joanne Gaboriault, on the brief), New York, New York, for defendants-appellees.