Civil Procedure Keyed to Yeazell
Parklane Hosiery Co. v. Shore
ProfessorTodd Berman
CaseCast™ – "What you need to know"
Facts
Shore (P) brought a class action on behalf of the shareholders against Parklane (D) on the alleged ground that Parklane (D) had issued a false and misleading proxy statement relating to a merger, which violated sections 14(a), 10(b), and 20(a) of the Securities Exchange Act. He sought a rescinding order concerning the merger to which Parklane (D) was one party. Before this trial, the SEC filed an injunctive suit on the same issue. The court in the SEC case decided that the proxy statement was false and misleading, and recorded its declaratory judgment on the issue. Shore (P) moved for partial summary judgment of the case as far as the falsity of the proxy statement was concerned. His grounds for the suit were that collateral estoppel stopped Parklane from re-contesting that issue in court. The motion was not granted by the district court. The decision was reversed by the court of appeals. The U.S. Supreme Court granted a writ for judicial review.
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