Friendly, J. Joseph Smith and Kaufman, Circuit Judges.
This appeal by eight of the fourteen limited partners of Ira Haupt & Co., a brokerage firm in bankruptcy in the District Court for the Southern District of New York, is the latest of many controversies as to alleged causes of action on the part of the bankrupt against exchanges, banks and others under federal antitrust and securities laws and New York common law.
During the interval between the suspension of Haupt by the New York Stock Exchange (NYSE) on November 20, 1963 and the appointment of a trustee under the Bankruptcy Act,*fn1 some of the appellants began five actions on Haupt's behalf, the claims being largely derivative in character:
An action in the Supreme Court of New York against NYSE, four banks, various brokerage firms, the Liquidator under an agreement between Haupt, NYSE, and ten creditor banks, and others, for an accounting and damages for injury resulting from usurpation of Haupt's business and assets under the allegedly illegal agreement;
An action in the District Court for the Southern District of New York to recover treble damages of $33 million under the antitrust laws against New York Produce Exchange, New York Produce Exchange Clearing Association, Merrill, Lynch, Pierce, Fenner & Smith, Inc., and Bunge Corporation;*fn2
An action in the District Court for the Southern District of New York against NYSE to recover damages of $10 million on the ground that NYSE violated § 6 of the Securities Exchange Act of 1934 by failing to suspend Haupt after being told that it had permitted its indebtedness as a broker to exceed 2000% of the net capital employed in its business;
An action in the District Court for the Southern District of New York against NYSE and Stock Clearing Corporation to recover treble damages of $2.1 million under the antitrust laws because of an alleged boycott;
An action in the Supreme Court of New York against American Express Co. to recover damages of $51.823 million, because of the defendant's alleged responsibility for the issuance of worthless warehouse receipts by its ...