In re U. S. Financial Securities Litigation

MEMORANDUM OPINION AND ORDER

The court’s proposal to strike all demands for jury trial in the U. S. Financial cases was heard on May 31, 1977. The court, taking into account the issues raised in the written memoranda submitted by the various parties, and considering the matters presented during oral argument, hereby orders all demands for jury trial in the U. S. Financial cases stricken, and directs that the cases be consolidated for trial before the court sitting without a jury.

In essence, the court has made this order because these cases are too complex to be tried before a jury. In the following discussion, the nature of the U. S. Financial cases will first be outlined; next, the scope of the litigation and the task facing the finder of fact will be considered; and finally the state of the law will be examined to determine whether the court has the power to issue this order striking the demands for jury trial.

Nature of the Cases

Before the year 1969, U. S. Financial (hereafter, “USF”) was primarily engaged in the construction and development of single family residences throughout the United States. In subsequent years, however, USF reported that its income was derived…