Opinion
No. 93-609
Argued April 26, 1994 Decided May 23, 1994
997 F.2d 39, affirmed by an equally divided Court.
James W.B. Benkard argued the cause for petitions. With him on the briefs were James D. Liss, Vincent T. Chang, Hannah Berkowitz, James L. Truitt, Robert B. Mazur, Ernest E. Figari, Jr., Theodore Edelman, Fletcher L. Yarbrough, Robert G. Cohen, Kathryn A. Oberly, and Morton L. Susman.
Richard G. Taranto argued the cause for respondent Pacific Mutual Life Ins. Co. With him on the brief were H. Bartow Farr III and Stewart M. Weltman. Michael R. Dreeben argued the cause for the United States. With him on the brief were Solicitor General Days, Assistant Attorney General Hunger, Deputy Solicitor General Kneedler, Barbara C. Biddle, Paul Gonson, and Jacob H. Stillman.
James M. Finberg and Paul J. Mishkin filed a brief for the National Association of Securities and Commercial Law Attorneys as amicus curiae urging affirmance.
Barbara B. Edelman and Barry Friedman filed a brief for Spendthrift Farm, Inc., et al. as amici curiea.
The judgment of the United States Court of Appeals for the Fifth Circuit is affirmed by an equally divided Court.
JUSTICE O'CONNOR took no part in the consideration or decision of this case.