Arnold v. Hills, Renaut, Homen & McCormick

36 F.3d 1102 NOTICE: Ninth Circuit Rule 36-3 provides that dispositions other than opinions or orders designated for publication are not precedential and should not be cited except when relevant under the doctrines of law of the case, res judicata, or collateral estoppel. Robert C. ARNOLD; Irene Hill; James Weirick; Joseph B. Weirick; Dorothy Rushton; et al., Plaintiffs-Appellants, v. HILLS, RENAUT, HOMEN & McCORMICK, an Accountancy Corporation, et al., Defendants, and The Bank of America, Defendant-Appellee. No. 93-15569. United States Court of Appeals, Ninth Circuit. Submitted July 15, 1994. * Decided Sept. 2, 1994. 1 Before: LEAVY, KLEINFELD, Circuit Judges, and VAN SICKLE, ** District Judge. 2 MEMORANDUM *** I. The Securities Act and RICO Claims 3 The appellant investors sued the Bank of America, alleging the Bank aided and abetted violations of Sec. 10(b) of the Securities and Exchange Act and Rule 10b-5. After the appellate briefs were filed, the Supreme Court held that there is no private right of action for aiding and abetting under Rule 10b-5, for the reason that the words of section 10(b) do not provide for it. Central Bank of Denver v. First Interstate Bank of…