More than 1,000 attorneys for defense filed notice of appearance at formalities opening the $25,000,000 suit against 15,000 minor stockholders of the defunct Bank of United States before Supreme Court Justice Richard P. Lydon yesterday. Motions to dismiss the action were to be heard this morning.
It is expected that the motions for dismissal will be denied and that the case will get under way Thursday when the question whether the stockholders pay an assessment of $25 per share will be decided. In each case the defendant owns less than 100 shares. The trial will probably last a month.
Herbert W- Singer, an attorney and son of Saul Singer, executive vice-president of the Bank of United States, who with Bernard Marcus, president, was convicted for misapplying the bank’s’funds, testified yesterday that the board of directors knew of loans made by the executive committee of the bank. The testimony was brought before Justice Louis A. Vaiente in the 560,000,000 suit against directors of the bank, many .-of whonl have settled out of court for sums which the state felt they could pay after examining their resources.