DiRienzo v. Philip Services Corporation

Uncertified class action alleging securities fraud improperly dismissed under forum non conveniens where district court gave insufficient weight to plaintiffs' choice of forum because plaintiffs did not all reside in district where suit was brought, and gave insufficient scrutiny to defendant's motives for seeking dismissal.

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PETITION FOR REHEARING

Filed: November 22, 2000

Philip Services Corporation (Philip), a Canadian metal processing company, is alleged to have perpetrated a massive fraud upon its shareholders, the vast majority of whom are United States investors. After Philip stock prices plummeted and extensive securities fraud litigation was commenced in different states and in Canada, the Judicial Panel on Multi-District Litigation transferred all of the American suits — at Philip’s request and over the objections of several plaintiffs — to the United States District Court for the Southern District of New York (Mukasey, J.). There they were dismissed, prompting two appeals that were argued together before us in March 2000.

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DiRienzo v. Philip Services Corporation

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