Societe Generale De Banque v. Touche Ross & Co.

OPINION AND ORDER CONCERNING THE PROPRIETY OF A CLASS ACTION

Plaintiffs, Societe Generale de Banque, Rentinvest, North American Fund A and ITF Fund, Ltd., move this Court pursuant to Rule 23(c)(1) of the Federal Rules of Civil Procedure for an order determining that this action shall proceed as a class action and, furthermore, that the class plaintiffs seek to represent shall be defined as all holders of 9% Bearer Debentures due April 1, 1982, of U. S. Financial Overseas, N.V., which are guaranteed by U. S. Financial, Inc. 1 Defendant Touche Ross & Co. opposes this motion. 2 Upon examination of the motion, and the supporting and opposing briefs, affidavits and exhibits submitted to this Court by plaintiffs and defendant, and after consideration of the oral arguments presented to this Court by the parties on this matter, plaintiffs’ motion is granted with modifications.

I. FACTUAL BACKGROUND

As a corporation organized and existing under the laws of the State of Delaware, USF maintains its principal place of business in San Diego, California. It is the successor corporation to U. S. Financial, which was incorporated under the laws of the State of California in 1962 as West Coast…