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Keywords

plaintiffdamagesattorneymotiontrustclass actioncommon law
plaintiffdamagesmotionclass actioncommon law

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Tedesco v. Mishkin, 689 F.Supp. 1327, Fed. Sec. L. Rep. P 93,900, RICO Bus.Disp.Guide 6970

Facts

The plaintiffs, investors in various enterprises controlled by Mishkin and his associates since 1970, sought damages for violations of multiple securities laws and common law. They alleged that Mishkin, acting as an attorney and accountant, misled them into investing in unregistered securities through false representations. The class included over two hundred members who had invested more than $10 million in various investment vehicles linked to Mishkin, who was also involved in the management of Highcrest Management Company and several investment trusts.

The plaintiffs, investors in various enterprises controlled by Mishkin and his associates since 1970, sought damages for violations of multiple securities laws and common law.

Issue

The main legal issues were whether the proposed class met the requirements for certification under Fed.R.Civ.P. 23 and whether the named representatives could adequately represent the class given potential conflicts of interest.

The main legal issues were whether the proposed class met the requirements for certification under Fed.R.Civ.P. 23 and whether the named representatives could adequately represent the class given potential conflicts of interest.

Rule

The court applied the requirements of Fed.R.Civ.P. 23(a) for class certification, which include numerosity, commonality, typicality, and adequate representation, as well as the predominance of common questions under Fed.R.Civ.P. 23(b)(3).

The court applied the requirements of Fed.R.Civ.P. 23(a) for class certification, which include numerosity, commonality, typicality, and adequate representation, as well as the predominance of common questions under Fed.R.Civ.P. 23(b)(3).

Analysis

The court found that the proposed class satisfied the numerosity requirement with over two hundred members and that common questions of law and fact predominated over individual issues. The court noted that the allegations of a common fraudulent scheme involving Mishkin and his associates linked the claims of the class members. However, it determined that one proposed representative had a conflict of interest due to his role as a co-trustee of an investment trust involved in the alleged fraud.

The court found that the proposed class satisfied the numerosity requirement with over two hundred members and that common questions of law and fact predominated over individual issues.

Conclusion

The court granted the motion for class certification, allowing the class to proceed while removing one representative due to a conflict of interest and requiring the law firm to withdraw from representing that individual.

The court granted the motion for class certification, allowing the class to proceed while removing one representative due to a conflict of interest and requiring the law firm to withdraw from representing that individual.

Who won?

The plaintiffs prevailed in their motion for class certification because the court found that they met the necessary legal standards for class action status.

The plaintiffs prevailed in their motion for class certification because the court found that they met the necessary legal standards for class action status.

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