Environmental Control Board of the City of New York v. Sterling

How later courts describe this case

• second action barred by claim preclusion except as to matters occurring after first action was filed
• to the extent that the second suit alleges facts occurring after the filing of the first suit, the second suit is not barred by res judicata
• shareholder plaintiffs could not maintain RICO action because action belonged to corporation: ”[a]ny decrease in value of plaintiffs’ shares merely reflects the decrease in value of the firm as a result of the alleged illegal conduct”
• it is within the discretion of the trial judge to deny class certification “three and a half years after commencement of lawsuit, after a full trial, and after two extensive rounds of hearings before a magistrate”
• misrepresentations must have some direct pertinence to a securities transaction