PARKLANE HOSIERY CO. V. SHORE
439 U.S. 322 (1979).
NATURE OF THE CASE: This was a stockholders' derivative action for damages and rescission
of a merger in a class action suit.
FACTS: The SEC sued Parklane (D) for issuing a materially false and misleading proxy
statement. The district court in that action ruled in favor of the SEC and it entered a
declaratory judgment against D. D was found guilty without a jury trial. Shore (P) and other
shareholders had brought a class action suit for damages, rescission of a merger, and
recovery of costs prior to the SEC action. After the SEC results were in, P moved for a
summary judgment. P argued that collateral estoppel precluded D from relitigating the proxy
statement issue which had been resolved against D in the SEC action. The district court held
that collateral estoppel would deny D its constitutional right under the Seventh Amendment
to a jury trial. The court of appeals reversed. D appealed.
ISSUE:
RULE OF LAW:
HOLDING AND DECISION:
LEGAL ANALYSIS:
Get
free access to the entire content for Mac, PC or Online
for 2-3 days and free samples
of all kinds of products.
for 2-3 days and free samples of all kinds of products.
https://bsmsphd.com
© 2007-2016 Abn Study Partner
No comments:
Post a Comment