For Your Data Zahn V. Transamerica Company Illustration Brief
May 11, 2015
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Zahn v. Transamerica Corporation representative brief summary
162 F.2d 36 (3d Cir. 1947)
CASE FACTS
Plaintiff held Class H5N1 stock inwards a company. Defendant owned virtually all of the same company's Class B stock together with dominated the management, business, together with affairs of the company. Plaintiff filed a flat activity accommodate alleging that accused caused the fellowship to redeem its Class H5N1 stock together with hence liquidated the fellowship hence that accused could instruct almost of the value of the fellowship for itself. Defendant moved to give the axe the complaint, together with the courtroom below granted the motion. Plaintiff appealed.
DISCUSSION
CONCLUSION
Dismissal of the electrical load was reversed because defendant, equally board of directors together with equally controlling stockholder, had a fiduciary duty to minority Class H5N1 stockholders that was violated if the human activity of redeeming the Class H5N1 stock was non consummated impartially, merely at the administration of accused for its ain profit.
Recommended Supplements for Corporations together with Business Associations Law
162 F.2d 36 (3d Cir. 1947)
CASE SYNOPSIS
Plaintiff Class H5N1 stockholder appealed the determination of the U.S. District Court for the District of Delaware dismissing his flat activity electrical load alleging breach of fiduciary duty on the usage of accused Class B stockholder inwards its determination to redeem Class H5N1 stock together with hence liquidate the company.CASE FACTS
Plaintiff held Class H5N1 stock inwards a company. Defendant owned virtually all of the same company's Class B stock together with dominated the management, business, together with affairs of the company. Plaintiff filed a flat activity accommodate alleging that accused caused the fellowship to redeem its Class H5N1 stock together with hence liquidated the fellowship hence that accused could instruct almost of the value of the fellowship for itself. Defendant moved to give the axe the complaint, together with the courtroom below granted the motion. Plaintiff appealed.
DISCUSSION
- The appeals courtroom reversed because defendant, equally the board of directors of the fellowship together with equally controlling stockholder, had a fiduciary duty to minority Class H5N1 stockholders that was violated if the allegations of plaintiff were true.
- The human activity of redeeming the Class Act stock was consummated at the administration of defendant, for its ain profit, non for the protection of the minority stockholders' interests.
CONCLUSION
Dismissal of the electrical load was reversed because defendant, equally board of directors together with equally controlling stockholder, had a fiduciary duty to minority Class H5N1 stockholders that was violated if the human activity of redeeming the Class H5N1 stock was non consummated impartially, merely at the administration of accused for its ain profit.
Recommended Supplements for Corporations together with Business Associations Law