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BRIEFLY

People Express was named in 2 class-action suits.

September 23, 1986

Two disgruntled investors filed class-action suits alleging that People Express and two brokerage houses gave them misleading information on the financial health of the ailing airline. Jack Lubliner and J. G. Zaltzman filed the suits in U.S. District Court on behalf of investors who lost money on People Express securities purchased between Jan. 1, 1985, and Sept. 15, 1986, when the Newark, N.J.-based airline reached an agreement to merge with Texas Air Corp. of Houston. The suits alleged that People Express distributed financial statements, reports, proxy materials and other documents that induced investors to pay too much for its securities.

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