Opinion ID: 75504
Heading Depth: 1
Heading Rank: 1

Heading: introduction

Text: By way of an amended complaint filed in 1992, Plaintiffs, shareholders of Cascade International, Inc., (Cascade), brought this securities class action against Cascade officers and directors, including Victor Incendy, Cascade's President and CEO; Bernard H. Levy, Cascade's independent auditor; Coopers & Lybrand (C&L), an accounting firm; Gunster, Yoakley, & Stewart, P.A. (GY&S), a law firm; and others, alleging, inter alia, violations of Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j, and Rule 10b-5, 17 C.F.R. § 240.10b-5, promulgated thereunder. In an Order dated December 16, 1993, the district court granted several defendants' motions to dismiss, including such motion filed by GY&S. See In re Cascade Int'l Sec. Litig., 840 F. Supp. 1558 (S.D. Fla. 1993). The district court denied C&L's motion to dismiss, except with respect to Plaintiffs' claims of negligent misrepresentation and common law fraud. See id. Plaintiffs filed a motion for entry of final judgment pursuant to Fed. R. Civ. Proc. 54(b) as to GY&S and other defendants. This motion was denied. In 1994, C&L filed a motion to reconsider the district court's ruling on C&L's motion to dismiss in light of Central Bank of Denver, N.A. v. First Interstate Bank of Denver, N.A., 511 U.S. 164, 114 S. Ct. 1439 (1994), in which 2 the Supreme Court held that a private plaintiff may not maintain an aiding and abetting suit under § 10(b). In an Order dated June 27, 1995, the district court granted C&L's motion to reconsider and dismissed Plaintiffs' § 10(b) claim against C&L in light of Central Bank. See In re Cascade Int'l Sec. Litig., 894 F. Supp. 437 (S.D. Fla. 1995). The district court also denied Plaintiffs’ motion for leave to amend their complaint. See id. Plaintiffs filed a motion for entry of final judgment pursuant to Fed. R. Civ. Proc. 54(b) or 28 U.S.C. § 1292(b), which was denied. After further proceedings,1 final judgment was entered by the district court on September 30, 1999. On October 27, 1999, Plaintiffs filed a timely notice of appeal. They appeal only their claims against C&L and GY&S for primary liability under § 10(b) and the district court's denial of their motion to amend their complaint. The finality of the September 30, 1999 Order renders the prior interlocutory orders appealable without Rule 54(b) certification. See Barfield v. Brierton, 883 F.2d 923, 930 (11th Cir. 1989) (noting that the appeal from a final judgment draws in question all prior non-final orders and rulings which produced the 1 Settlements with several defendants received final court approval in 1998 and 1999. Voluntary dismissals were granted as to several defendants prior to September 30, 1999. On September 30, 1999, the district court granted Plaintiffs' motion for entry of final default judgment as to Victor Incendy and Bernard Levy. The district court ordered the case closed and denied all pending motions as moot. A separate final default judgment was entered the same day. 3 judgment). Thus, this Court has jurisdiction over this appeal. See 28 U.S.C. § 1291.