District Court, S.D. New York August 13, 1981, No. 75 Civ. 4870 (KTD) (Weinberger v. Kendrick)

OPINION

KEVIN THOMAS DUFFY, District Judge:

On October 2, 1975, the W. T. Grant Company [“Grant”] filed a petition for bankruptcy under Chapter XI of the Bankruptcy Act. The next day certain purchasers of Grant securities instituted this class action claiming, inter alia, that defendant banks, [the “Banks”] and Morgan Guaranty, its corporate parent, J. P. Morgan & Co., Inc.