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Banking Law Keyed to Carnell, 7th Ed.
Burks v. Lasker
Citation:
441 U.S. 471 (1979)Facts
In 1973, shareholders of Fundamental Investors, Inc., an investment company registered under the Investment Company Act, brought a derivative suit against several board members and the company’s investment adviser, Anchor Corp. The complaint alleged violations of duties under the ICA, IAA, and common law regarding the 1969 purchase of $20 million in Penn Central Transportation Co. commercial paper, which later became worthless when Penn Central filed for reorganization. In response, Fundamental’s board determined that five directors who were neither affiliated with the investment adviser nor defendants in the action would decide the company’s position. After investigation and outside counsel’s recommendation, these disinterested directors concluded that continuing the litigation was contrary to the company’s best interests and moved to dismiss the action. The case raised fundamental questions about the power of disinterested directors to terminate shareholder derivative suits and the interplay between federal securities laws and state corporate governance principles.
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