DOCSLIB.ORG

Lender Liability for Discoverable Structural Defects in New Tract Housing

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Lender Liability for Discoverable Structural Defects in New Tract Housing DePaul Law Review Volume 19 Issue 2 Winter 1969 Article 8 Torts - Lender Liability for Discoverable Structural Defects in New Tract Housing Michael O'Connor Follow this and additional works at: https://via.library.depaul.edu/law-review Recommended Citation Michael O'Connor, Torts - Lender Liability for Discoverable Structural Defects in New Tract Housing, 19 DePaul L. Rev. 394 (1969) Available at: https://via.library.depaul.edu/law-review/vol19/iss2/8 This Comments is brought to you for free and open access by the College of Law at Via Sapientiae. It has been accepted for inclusion in DePaul Law Review by an authorized editor of Via Sapientiae. For more information, please contact [email protected]. LENDER LIABILITY FOR DISCOVERABLE STRUCTURAL DEFECTS IN NEW TRACT HOUSING During the past decade the residential construction industry has under- gone substantial structural change. Many residential contractors today build housing developments of five hundred and more homes, whereas in 1950 the average contractor built only three or four homes per year.' Just as mass production techniques in the automotive industry, for exam- ple, have generated novel legal remedies,2 the marketing of housing on a massive scale has required an evolution in legal theory. In the sale of residential property, most states8 still adhere to the strict common law rule of caveat emptor, which provides that there is no implied warranty of freedom from structural defects in a conveyance of realty; the vendee accepts the property as is and assumes full responsibility for defects. 4 The plethora of exceptions to this rigid rule, however, has con- tinued to expand.5 Early exceptions to the rule were permitted in cases of fraud,0 on nuisance theories,7 and where particular use by the purchaser was intended to be or reasonably could be anticipated." More recently, several jurisdictions have explicitly asserted an implied warranty of hab- itability or good workmanship in the sale of new housing.9 A few states 1. Brehm, The Residential Construction Industry, in ADAMS, THE STRUCTURE OF AMERICAN INDUSTRY 108, 112 (1960). 2. E.g., MacPherson v. Buick Motor Co., 217 N.Y. 382, 111 N.E. 1050 (1916). 3. See Annot., 25 A.L.R.3d 383 (1969). 4. See, e.g., Druid Homes, Inc. v. Cooper, 272 Ala. 415, 131 So. 2d 884 (1961); Voight v. Ott, 86 Ariz. 128, 341 P.2d 923 (1959); Dooley v. Berkner, 113 Ga. App. 162, 147 S.E.2d 685 (1966). 5. See Bearman, Caveat Emptor in the Sale of Realty-Recent Assaults upon the Rule, 14 VAND. L. REV. 541 (1961); Dunham, Vendors Obligation as to Fitness of Land for a ParticularPurpose, 37 MINN. L. REV. 108 (1953). 6. Pennsylvania Steel Co. v. Elmore & Hamilton Contracting Co., 175 F. 176 (N.D. N.Y. 1909); O'Brien v. American Bridge Co., 110 Minn. 364, 125 N.W. 1012 (1910); Belote v. Memphis Development Co., 208 Tenn. 434, 336 S.W.2d 441 (1961); Dooley v. Berkner, supra note 5; Bray v. Cross, 98 Ga. App. 612, 106 S.E.2d 315 (1958). 7. Ackerman v. Ellis, 81 N.J.L. 1, 79 A. 883 (1911); Delaney v. Supreme Inv. Co., 251 Wis. 374, 29 N.W.2d 754 (1947); Schumacher v. Carl G. Neumann Dredging & Imp. Co., 206 Wis. 220, 239 N.W. 459 (1931). 8. Grodstein v. McGivern, 303 Pa. 555, 154 A. 794 (1931); Cf. Colbert v. Holland Furnace Co., 333 Ill. 78, 164 N.E. 162 (1928); McGlone v. William Angus Inc., 248 N.Y. 197, 161 N.E. 469 (1928). 9. E.g., F & S Construction Co. v. Berube, 322 F.2d 782 (10th Cir. 1963); Carpenter v. Donohoe, 154 Colo. 78, 388 P.2d 399 (1964); Humber v. Morton, 394 1969] COMMENTS 395 have gone further by applying negligence, 10 products liability," and strict liability theories.' 2 Thus the scope of relief for defects in new housing has been expanded by widening the grounds for relief and by dispensing with the requirements of privity, thereby extending relief to a larger group of plaintiffs-subsequent purchasers and injured third parties. However, even the broad remedies of products liability and strict lia- bility are inadequate against an insolvent or defunct construction com- pany. There are thousands of small companies that enter and leave the residential construction industry according to the ebb and flow of demand for housing and availability of financing.' 3 It is not unusual for a con- tractor to create a company to undertake a single development and then dissolve it after completing the project.' 4 Furthermore, since most con- struction firms, even those undertaking large developments, are severely undercapitalized and must obtain almost total financing from savings and loan associations at relatively high cost in terms of fees and interest, 15 the stage was set for an extension of liability far beyond the comparative de- velopment of products liability. In the future, where a valid claim of an aggrieved home purchaser is frustrated by an insolvent or defunct con- tractor, he may have recourse against the institutional lender which coop- erated with the irresponsible builder. In the case of Connor v. Great Western Savings and Loan Ass'n.,'8 the California Supreme Court has made the first step toward imposing liability on an institutional lender for structural defects in new housing. The objective of this paper is threefold: to briefly discuss the peculiar role of the savings and loan association in the residential construction in- 426 S.W.2d 554 (Tex. Sup. Ct. 1968); Westwood Development Co. v. Esponge, 342 S.W.2d 623 (Tex. Civ. App. 1961). 10. E.g., Sabella v. Wisler, 59 Cal. 2d 21, 377 P.2d 889 (1963); Mitchem v. Johnson, 7 Ohio St. 2d 66, 218 N.E.2d 594 (1966); Rogers v. Scyphers, 251 S.C. 128, 161 S.E.2d 81 (1968); Belote v. Memphis Development Co., 51 Tenn. App. 423, 369 S.W.2d 97 (1962). 11. E.g., Dow v. Holly Mfg. Co., 49 Cal. 2d 720, 321 P.2d 736 (1958); Lowe v. Francis Constr. Co., 373 P.2d 51 (Okla. 1962); Leigh v. Wadsworth, 361 P.2d 849 (Okla. 1961); Fisher v. Simon, 15 Wis. 2d 207, 112 N.W.2d 705 (1961); Freeman v. Mazzera, 150 Cal. App. 2d 61, 309 P.2d 510 (1957). 12. State Stove Mfg. Co. v. Hodges, 189 S.2d 113 (Miss. 1966), cert. denied, 386 U.S. 912 (1967). 13. See Lefcoe & Dobson, Savings Associations as Land Developers, 75 YALE L.J. 1271, 1273-82 (1965); LEFCOE, LAND DEVELOPMENT LAW 631 (1966); Smith Low Rise Speculative Apartment, 50, 52, Real Estate Research Program, University of California, Berkeley (1964). 14. Lefcoe & Dobson, supra note 13, at 1277. 15. Lefcoe & Dobson, supra note 13, at 1276. See also Connor v. Great West- ern Saving and Loan Ass'n, 73 Cal. Rptr. 369, 373, 447 P.2d 609, 611 (1968). 16. Supra note 15. 396 DE PAUL LAW REVIEW [Vol. XIX dustry; to analyze the nature and scope of the duty imposed by Connor; and to assess the practical implications of such a duty for the institutional lender. FINANCING ARRANGEMENTS IN THE RESIDENTIAL CONSTRUCTION INDUSTRY Approximately sixty-five per cent of the builders in America construct less than forty per cent of the single family homes each year, 17 usually contracting with the owner of the land to build a dwelling on an individual or build-to-suit basis. Builders in this group generally construct between ten and twenty-five units per year.18 The remaining builders are gener- ally termed "speculative" builders. A speculative development involves the purchase of a large tract of land, the construction of twenty to five hundred and more homes, and finally (during or after construction of the homes) sale of the homes to purchasers.'0 The large scale developer thus acts in a dual capacity: as builder and as salesman. In the latter cate- gory, developers typically use mass production merchandising techniques; for example, several model homes may be built for inspection by prospec- tive buyers. On the basis of the model, the purchaser may contract to buy a house before, during, or after its actual construction. The position of a purchaser in a tract development thus stands in sharp contrast to an individual who arranges for construction of a custom-made house. Al- though in either case a purchaser may be dissatisfied with the quality of materials and workmanship put into his house, studies report the most vociferous complaints are from purchasers in tract developments. 20 For a number of legal and economic reasons, savings and loan associa- tions contribute the bulk of financing for almost all tract developments. 2' First, restrictions on investments and loans imposed by statute and Internal Revenue Service rulings generally limit associations to investing most of their available funds in loans on residential properties, predominantly on one to four family units.2 2 The tract developer is thus an attractive and logical borrower. A second consideration involves the market forces under which a savings and loan association must operate. The cost of obtaining capital is high for a savings and loan association because it 17. Rogg, The Changing Home Building Industry, in UNITED STATES SAVINGS AND LOAN LEAGUE, SAVINGS AND LOAN ANNALS 1960 at 167, 175. 18. Id. 19. Lefcoe & Dobson, supra note 13, at 1283; Brehm, supra note 1, at 124-5. 20. Herzog, The Dynamics of Large-Scale Housebuilding 39, Real Estate Re- search Program, University of California, Berkeley (1963). 21. Lefcoe & Dobson, supra note 13, at 1273-82, 1297. 22. UNITED STATES SAVINGS & LOAN LEAGUE, 1969 SAVINGS & LOAN FACT BOOK 102 [hereinafter cited as 1969 FACT BOOK].
Load more

Recommended publications
  • Alfred Newman Beadle Collection
    DESIGN AND THE ARTS SPECIAL COLLECTIONS ALFRED NEWMAN BEADLE COLLECTION Collection #: MS MSS 30 Location: DESIGN AND THE ARTS SPECIAL COLLECTIONS Drawings and Papers: 1950s-2000s No. of Items: 83 oversize folders and 6 boxes, c. 20 linear feet Biographical Note Alfred Newman Beadle V was born in St. Paul, Minnesota on September 23, 1927, the youngest child of Fred and Marie Beadle. He attended school in Minneapolis but did not graduate from high school. During World War II, he served with the U.S. Navy Construction Battalion, known as the Seabees, where his experience included building piers, working on the design of a command base, and constructing a hospital. Following the war, Beadle worked for his father’s commercial kitchen and restaurant contractor business designing kitchen layouts and receiving practical experience in design and construction. In 1948, he married Nancy Leland in Duluth, Minnesota. While living in Minneapolis, Beadle designed two houses. In 1951, Al, Nancy, and their son Steven moved to Phoenix, Arizona so that Al could continue to work for his father, who had recently moved there. Following the move to Phoenix, Beadle worked on a variety of commercial and residential projects, including the Paradise Gardens housing development and the Safari Resort in Scottsdale. As his business grew, Beadle developed a practice that involved all phases of the architectural and construction process, including financing, design, building, and sales. Beadle’s lack of an architectural license eventually led to a confrontation with the state of Arizona Board of Technical Registration. The situation improved in 1956 when Beadle began working with Alan Dailey, a respected east coast architect who had recently retired to Phoenix.
    [Show full text]
  • Appendix D - Securities Held by Funds October 18, 2017 Annual Report of Activities Pursuant to Act 44 of 2010 October 18, 2017
    Report of Activities Pursuant to Act 44 of 2010 Appendix D - Securities Held by Funds October 18, 2017 Annual Report of Activities Pursuant to Act 44 of 2010 October 18, 2017 Appendix D: Securities Held by Funds The Four Funds hold thousands of publicly and privately traded securities. Act 44 directs the Four Funds to publish “a list of all publicly traded securities held by the public fund.” For consistency in presenting the data, a list of all holdings of the Four Funds is obtained from Pennsylvania Treasury Department. The list includes privately held securities. Some privately held securities lacked certain data fields to facilitate removal from the list. To avoid incomplete removal of privately held securities or erroneous removal of publicly traded securities from the list, the Four Funds have chosen to report all publicly and privately traded securities. The list below presents the securities held by the Four Funds as of June 30, 2017. 1345 AVENUE OF THE A 1 A3 144A AAREAL BANK AG ABRY MEZZANINE PARTNERS LP 1721 N FRONT STREET HOLDINGS AARON'S INC ABRY PARTNERS V LP 1-800-FLOWERS.COM INC AASET 2017-1 TRUST 1A C 144A ABRY PARTNERS VI L P 198 INVERNESS DRIVE WEST ABACUS PROPERTY GROUP ABRY PARTNERS VII L P 1MDB GLOBAL INVESTMENTS L ABAXIS INC ABRY PARTNERS VIII LP REGS ABB CONCISE 6/16 TL ABRY SENIOR EQUITY II LP 1ST SOURCE CORP ABB LTD ABS CAPITAL PARTNERS II LP 200 INVERNESS DRIVE WEST ABBOTT LABORATORIES ABS CAPITAL PARTNERS IV LP 21ST CENTURY FOX AMERICA INC ABBOTT LABORATORIES ABS CAPITAL PARTNERS V LP 21ST CENTURY ONCOLOGY 4/15
    [Show full text]
  • Historical Resources Assessment
    C‐3 ‐ Historical Resources Assessment HISTORICAL RESOURCES ASSESSMENT REPORT AND IMPACTS ANALYSIS FOR THE PROPOSED 8150 SUNSET BOULEVARD MIXED USE PROJECT 8150 W. SUNSET BOULEVARD LOS ANGELES, LOS ANGELES COUNTY, CALIFORNIA Prepared for AG-SCH 8150 Sunset Boulevard Owner, L.P. 8899 Beverly Blvd., Suite 710 West Hollywood, California 90048 Prepared by Margarita J. Wuellner, Ph.D. And Amanda Y. Kainer, M.S. PCR Services Corporation 201 Santa Monica Boulevard, Suite 500 Santa Monica, CA 90401 September 2014 Table of Contents Page I. INTRODUCTION ................................................................................................................................................................... 1 A. Executive Summary ............................................................................................................................................................. 1 B. Project Site ............................................................................................................................................................................... 4 C. Project Description ............................................................................................................................................................... 4 D. Research and Field Methodology ................................................................................................................................... 7 II. REGULATORY FRAMEWORK ........................................................................................................................................
    [Show full text]
  • Follow the Money: Identifying The
    ABSTRACT Title of Thesis: FOLLOW THE MONEY: IDENTIFYING THE CUSTOM ARCHITECTURALLY DESIGNED BRANCH BANK Degree Candidate: Donna Jean Reiner Degree and Year: Master of Arts in Historic Preservation, 2009 Thesis Directed by: Roger A. Brevoort, M.S. Welch Center for Graduate and Professional Studies Goucher College This thesis breaks new ground through the identification and academic analysis of a mid-century modern building type that represents the history of nationwide banking practices and an evolving architectural form. Using Phoenix, Arizona as the backdrop, this research examines the origins and evolution of the Custom Architecturally Designed Branch Bank, a building type previously not studied in a scholarly manner. First, the research summarizes the history of banking and branch banking in the United States from its 18th century roots to 1975, highlights the styles and trends of bank architecture during that period, and focuses on specific examples in Phoenix. Second, the research looks at branch banks as a building type describing the characteristics of the Custom Architecturally Designed Branch Bank citing specific historical and culturally significant Phoenix examples. Resulting from this scholarly analysis is the argument that the Custom Architecturally Designed Branch Bank is a significant building type. Finally the research proposes strategies for preservation of these properties and provides Phoenix examples of successes and “lessons learned” from failures applicable nationwide. Included are suggested approaches for advocating preservation of the Custom Architecturally Designed Branch Bank after examining the threats for each site. ACKNOWLEDGEMENTS There were many people who assisted me in this thesis, in part by making sure that I looked at their favorite branch bank wherever I traveled over the past three years.
    [Show full text]
  • Sterling Hardson Redd, Jill D. Redd, His Wife; Paul Dutson and Donna Dutson, His Wife V
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Brigham Young University Law School Brigham Young University Law School BYU Law Digital Commons Utah Supreme Court Briefs (1965 –) 1981 Stanley Martin Redd, Sheila M. Redd, His Wife; Sterling Hardson Redd, Jill D. Redd, His Wife; Paul Dutson And Donna Dutson, His Wife v. Western Savings & Loan Company : Reply Brief of Appellants Utah Supreme Court Follow this and additional works at: https://digitalcommons.law.byu.edu/uofu_sc2 Part of the Law Commons Original Brief submitted to the Utah Supreme Court; funding for digitization provided by the Institute of Museum and Library Services through the Library Services and Technology Act, administered by the Utah State Library, and sponsored by the S.J. Quinney Law Library; machine- generated OCR, may contain errors. Richard W. Giaque and James R. Holbrook; Attorneys for RespondentNeil R. Sabin; Attorney for Appellants Recommended Citation Reply Brief, Redd v. Western Savings & Loan, No. 17231 (Utah Supreme Court, 1981). https://digitalcommons.law.byu.edu/uofu_sc2/2421 This Reply Brief is brought to you for free and open access by BYU Law Digital Commons. It has been accepted for inclusion in Utah Supreme Court Briefs (1965 –) by an authorized administrator of BYU Law Digital Commons. For more information, please contact [email protected]. IN THE SUPRE:'1E COURT OF THE STATE OF UTAH STANLEY i-!ARTIN REDD, SHEILA M. ) REDD, his wife: STERLING HARDSON) REDD, JILL D. REDD, his wife: ) PAUL DUTSON and DONNA DUTSON' ) ) Plaintiffs-Appellants, ) ) Case No. 17231 vs. ) ) WESTERN SAVINGS & LOAN COMPANY ) ) Defendant-Respondent.
    [Show full text]
  • National Corporation for Housing Partnerships
    National Corporation for Housing Partnerships "The place a man lives is more than just another commodity, service or possession; it is a symbol of his status, an extension of his personality, a part of his identity, a determinant of many of the benefits - and disadvantages - of society that will come to him and his family: schooling, police protection, municipal serv­ ices, neighborhood environment, access (or lack of ac­ cess) to a hundred possibilities of life and culture." "Segments of the urban poor today know and feel their relative deprivation, in housing or in other regards, to an unprecedented degree. The overwhelming con­ trast of their own living condition with that of the wealthy majority is brought home everyday by modern means of communication." "There is a complex relation among the quality of housing, the behavior of people, the condition of a neighborhood, and the life of the poor." "These relationships are by no means simple. Better housing, alone, will not overcome all the ills of today's poverty, but better housing is one essential part of the effort to do so.,, From The Report of the President's Committee on Urban Housing, December 11, 1968 1 The President's Committee on Urban Housing believed Goal that American business should have a way to turn con­ cern for the nation's housing problems into commitment to solve them. The Committee recommended the adop­ of the tion of Title IX of the Housing and Urban Development Act of 1968. The National Corporation for Housing Part­ Housing nerships and the National Housing Partnership are the first organizations to be established by the President Partnership under the authority of this new law.
    [Show full text]
  • In Re Gilead Sciences Securities Litigation 03-CV-4999-Plaintiffs' Co
    1 ROBBINS GELLER RUDMAN & DOWD LLP 2 SANFORD SVETCOV (36561) SUSAN K. ALEXANDER (124276) 3 Post Montgomery Center One Montgomery Street, Suite 1800 4 San Francisco, CA 94104 Telephone: 415/288-4545 5 415/288-4534 (fax) [email protected] 6 [email protected] — and — 7 DAVID J. GEORGE (admitted pro hac vice) ROBERT J. ROBBINS (admitted pro hac vice) 8 120 East Palmetto Park Road, Suite 500 Boca Raton, FL 33432 9 Telephone: 561/750-3000 561/750-3364 (fax) 10 [email protected] [email protected] 11 MILBERG LLP 12 JOSHUA H. VINIK (admitted pro hac vice) LORI G. FELDMAN (admitted pro hac vice) 13 ROSS BROOKS (admitted pro hac vice) One Pennsylvania Plaza KAPLAN FOX & KILSHEIMER LLP 14 New York, NY 10119 LAURENCE D. KING (206423) Telephone: 212/594-5300 350 Sansome Street, Suite 400 15 212/868-1229 (fax) San Francisco, CA 94104 [email protected] Telephone: 415/772-4700 16 [email protected] 415/772-4707 (fax) [email protected] [email protected] 17 Co-Lead Counsel for Plaintiffs Liaison Counsel for Plaintiffs 18 UNITED STATES DISTRICT COURT 19 NORTHERN DISTRICT OF CALIFORNIA 20 21 In re GILEAD SCIENCES SECURITIES ) Master File No. C-03-4999-SI LITIGATION ) CLASS ACTION 22 23 This Document Relates To: ) PLAINTIFFS' CO-LEAD COUNSEL'S ) NOTICE OF MOTION AND MOTION FOR ALL ACTIONS. ) AN AWARD OF ATTORNEYS' FEES AND 24 ) EXPENSES AND MEMORANDUM OF POINTS AND AUTHORITIES IN SUPPORT 25 THEREOF 26 DATE: November 5, 2010 TIME: 10:30 a.m. 27 CTRM: The Honorable Susan Illston 28 577727_2 1 TABLE OF CONTENTS 2 Page 3 I.
    [Show full text]
  • SPEED CODES – HI List of Keyboard Shortcuts & Macro Short Keys
    SPEED CODES – HI List of Keyboard Shortcuts & Macro Short Keys To use a speed code (macro key) in SoftPro Select, type the code then press the spacebar key. The description text auto-populates. Keyboard Shortcuts Key(s) Action F1 Open Help window to show topic related to the screen or field where your cursor is sitting F2 Clear field; restores default data - Open Contact screen from To-code field F5 - Refresh document in Preview mode F7 Spell check field F9 Open Lookup Table (when in a field identified as Lookup code) F11 Open Loan Funding Summary F12 Open Order Balance screen Esc Close screen Tab Advance to next field Page Down Open next screen in list Page Up Open previous screen in list Insert Open Add Requirement or Exception window Arrow Keys In a grid, advance field-to-field Down Arrow Key In a date field, enter today’s date if blank; otherwise advance to next month, day or year Alt + Open drop-down menu Alt + underlined letter Activate/select the item Alt + Page Down Move focus down to first screen in next screen group Alt + Page Up Move focus up to first screen in next screen group Alt + 0 Open Additional Title Charges screen Alt + 0176 Insert the degree (o) sign Alt + F Open SoftPro main menu (House icon) Alt + Shift + E Go To Commitment – Schedule A > Issued date/time field Ctrl + Insert Launch the Quick Add function on Schedule B1, B2 Also works on EIS screen Ctrl + Page Down Move right between open tabs (Start Page and open Orders) Ctrl + Page Up Move left between open tabs (Start Page and open Orders) Ctrl + 0 Open HUD Back
    [Show full text]
  • Federal Home Loan Bank Review
    FEDERAL HOME LOAN BANK Washington, November 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis * * * WORTH REPEATING HELICOPTER LAND^BOOM: ". mortgage should remain unpaid long WHAT THE POSTWAR SMALL Country land within a hundred-mile after its maturity pursuant to an order HOME WILL LOOK LIKE: Fact- radius of a big city, with its fresh air, under the Relief Act, the mortgagee Finders Associates' certified report. trees, birds and flowers, and a total would still be protected under the Factual guide to postwar planning con­ absence of crowding, will constitute insurance contract." taining detailed information as to the new suburban development area of Burton C. Bovard, FHA future builders' preferences in all General Counsel, Insured tomorrow; its value will skyrocket as Mortgage Porcfolio, Third phases of home building, equipment, thousands of helicopter owners seek Quarter 1943. and furnishings. Available at $5 per new home sites. SYSTEM: "We propose to maintain a copy from National Home-builders "The question of natural interest to dual system, because it provides our Bureau, Inc., 572 Madison Avenue, real estate investors will be this: the operations with a broader, safer base, New York 22, N. Y., or 2129 S Street area within a hundred-mile radius of with the insurance of checks and NW., Washington 8, D. C. any city is vast; which specific portions balances, and the unmeasured benefit of it will be in greatest demand on the of many interests and diverse expert THE OUTLOOK FOR DOMESTIC part of the home-buying public? minds converging on the same prob­ AIR TRANSPORT: 30-page pam­ Here are the factors which will de­ lems.
    [Show full text]
  • In Re: Thoratec Corporation Securities Litigation 04-CV-3168-Notice Of
    1 LERACH COUGHLIN STOIA GELLER RUDMAN & ROBBINS LLP 2 JEFFREY W. LAWRENCE ( 166806) BING Z. RYAN (228641 ) 3 100 Pine Street, Suite 2600 San Francisco, CA 94111 4 Telephone : 415/288-4545 415/288-4534 (fax) 5 [email protected] [email protected] 6 - and - WILLIAM S. LERACH (68581) 7 JEFFREY D . LIGHT (159515) BRIAN O . O'MARA (229737) FEDERMAN & SHERWOOD 8 655 West Broadway, Suite 1900 WILLIAM B . FEDERMAN San Diego, CA 9210 1 120 N. Robinson, Suite 2720 9 Telephone : 619/231-1058 Oklahoma City, OK 73102 619/231-7423 (fax) Telephone: 405/235-1560 1 0 [email protected] 405/239-2112 (fax) [email protected] wfederman@aol .com 11 bomara@lerachlaw .com 12 Co-Lead Counsel for Plaintiffs 13 UNITED STATES DISTRICT COURT 14 NORTHERN DISTRICT OF CALIFORNI A 15 SAN JOSE DIVISION 16 In re THORATEC CORP . SECURITIES Master File No. 5 :04-cv-03168-RMW LITIGATION 17 CLASS ACTION 18 This Document Relates To : NOTICE OF MOTION AND MEMORANDUM OF POINTS AND 19 ALL ACTIONS . AUTHORITIES IN SUPPORT OF LEAD COUNSEL'S MOTION FOR AN AWARD 20 OF ATTORNEYS' FEES AND REIMBURSEMENT OF EXPENSE S 21 DATE: November 17, 2006 22 TIME: 9 :00 a.m. COURTROOM : The Honorable 23 Ronald M. Whyte 24 25 26 27 28 1 1 TABLE OF CONTENTS 2 Page 3 1. INTRODUCTION . ..... .. .. .. .... .1 4 II. AWARD OF ATTORNEYS' FEES . .. .. ..... .. .. .. .... .4 5 A. The Legal Standards Governing the Award of Attorneys' Fees in Common Fund Cases Supports the Requested Award .... .. .. .. ...... 4 6 1 . A Reasonable Percentage of the Fund Recovered Is th e 7 Appropriate Approach to Awarding A ttorneys' Fees in Commo n Fund Cases .
    [Show full text]
  • President's Daily Diary Collection (Box 81) at the Gerald R
    Scanned from the President's Daily Diary Collection (Box 81) at the Gerald R. Ford Presidential Library -------------------------- ------ - -- - - - .­ NATIONAL ARCHIVES AND RECORDS SERVICE WITHDRAWAL SHEET (PRESIDENTIAL LIBRARIES) FORM OF DATE DOCUMENT CORRESPONDE-NTS OR TITLE RESTRICTION Daily Di ary 3/29/76 lac .c hed u l~ Daily Diary, Pa.e 1 (1 p.) 3/29/16 C(A) lb. 11 t Attendees at Presi dential Meeting (1 p.) 3/29/76 C(A) SANITI ZED COPY IN PILE President's Daily Diary Ribbron Copy BW ( Folder: 3/26-31/76 3/14/84 R ESTRICT ION CO DES THE WHITE HOUSE THE DAILY DIARY OF PRESIDENT GERALD R. FORD .. PLACE DAY BEGAN DATE (Mo., Day, Yr.) THE WHITE HOUSE MARCH 29, 1976 WASHINGTON, D.C. TIME DAY 7:12 a.m. MONDAY -PHONE ACTIVITY 7:12 The President had breakfast. 7:41 The President went to the doctor's office. 7:47 The President went to the Oval Office. 8:05 8:30 The President met with his Counsellor, Robert T. Hartmann. The President met with: 8:35 9:10 Richard B. Cheney, Assistant 8:40 8:50 James T. Lynn, Director of the Office of Management and Budget (OMB) and Assistant for Management and Budget 8:45 8:50 Paul H. O'Neill, Deputy Director of the OMB 9:10 9:20 The President met with his Counsellor, John O. Marsh, Jr. 9:20 10:20 The President met with: "-..-. Henry A. Kissinger, Secretary of State Donald H. Rumsfe1d, Secretary of Defense Lt. Gen. Brent Scowcroft, Assistant for National Security Affairs Mr.
    [Show full text]
  • Deal Flow Report
    UTAH DEAL FLOW REPORT 2015 Announcing a merger between confidence and value M & A is one of the quickest paths to growth. But it’s not always the surest. That’s why at PwC, we help you understand the risks in your transactions, so you can be confident that you are making informed strategic decisions. From your deal negotiations, to capturing synergies during integration, we help clients gain value. And ultimately, deliver this value to stakeholders. Like we’ve done for the majority of the top 50 global private equity and Fortune 100 companies. Leverage the experience of our global network of firms. For more information, contact: Ryan Dent at [email protected]/(801) 534 3883 or visit pwc.com/deals © 2016 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. 153067-2016-MWCN Deal Flow Awards 2016 Ad.indd 1 3/18/2016 10:52:40 AM TABLE OF CONTENTS INTRODUCTION Introduction ...................................................................................................................................................................................................................3 Data Findings & Conclusions..................................................................................................................................................................
    [Show full text]