Civil Procedure Keyed to Subrin
Parklane Hosiery Co. v. Shore
ProfessorTodd Berman
CaseCast™ – "What you need to know"
Facts
The Respondent, Shore (Respondent), brought a stockholder’s class action suit against the Petitioner, Parklane Hosiery Co. (Petitioner), in a federal district court, alleging that Petitioner and 13 of its officer and directors issued a materially false and misleading proxy statement in connection with a merger. Before this action came to trial, the SEC filed suit against Petitioner, alleging that the proxy statement was materially false and misleading in the same respects as those that had been alleged in Respondent’s complaint. The district court in the SEC case found that the proxy statement was materially false and misleading in the respects alleged and entered a declaratory judgment to that effect. The Court of Appeals for the Second Circuit affirmed this judgment. Respondent in this case then moved for partial summary judgment against Petitioner, asserting that Petitioner was collaterally esopped from litigating the issues that had been resolved against them in the SEC action. The district court denied the motion on the ground that such an application of collateral estoppel would deny Petitioner its Seventh Amendment constitutional right to a jury trial. The Court of Appeals reversed. The Supreme Court of the United States (Supreme Court) reversed.
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