Opinion
No. 99-5076.
Argued: April 12, 2000.
Decided: April 18, 2000.
Appeal from a judgment of the United States District Court for the Southern District of New York, Richard M. Berman,Judge, affirming the determination of the bankruptcy court that claimants seeking damages for failure of introducing broker to execute sale orders are not "customers" under the Securities Investor Protection Act, 15 U.S.C. § 78aaa, et seq.
Affirmed.
THOMAS A. HARGETT, Indianapolis, Indiana (Maddox Koeller Hargett Caruso, Steven B. Caruso, New York, New York, on the brief), for Claimants-Appellants.
STEVEN ALAN REISS, New York, New York (Adam C. Rogoff, Theodore E. Tsekerides, Jeremy E. Novak, Gary D. Ticoll, Weil, Gotshall Manges, on the brief), for Trustee-Appellee.
JOSEPHINE WANG, Senior Associate General Counsel, Washington, D.C. (Stephen P. Harbeck, General Counsel, Securities Investor Protection Corporation, Washing ton, D.C., on the brief),for Appellee.
Before: NEWMAN, KEARSE, and CABRANES, Circuit Judges.
The judgment is affirmed substantially for the reasons stated in the opinion of District Judge Richard M. Berman published at 239 B.R. 698 (S.D.N.Y. 1999), aff'g 229 B.R. 273 (Bankr.S.D.N.Y. 1999).