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Corporations Keyed to Klein
Cohen v. Beneficial Indus. Loan Corp
Facts
Plaintiff, now deceased and represented by the executor of his estate, filed this action in 1943 in federal court due to diversity. The complaint asserts that since 1929 the managers and directors of Defendant corporation have abused their positions to enrich themselves personally at the expense of the corporation. In 1945, New Jersey passed a law that required shareholders who held less than 5% of the total shares and less than $50,000 to pay the legal bills of the defendant corporation if the suit was unsuccessful. Defendant wanted Plaintiff to post a $125,000 bond to ensure they would meet that potential burden. Plaintiff argued that applying the statute to them would be unconstitutional because it was enacted after they initially brought suit and because it was an unconstitutional hindrance to bring a suit. They also argue that it is a procedural issue that should not be followed by the federal courts.
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