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Civil Procedure Keyed to Counsellor, 3rd Ed.
Parklane Hosiery Co. v. Shore
Citation:
439 U.S. 322, 99 S.Ct. 645, 58 L.Ed.2d 552 (1979)Facts
Shore brought a stockholder’s class action against Parklane Hosiery and its officers, directors, and stockholders, alleging that they had issued a materially false and misleading proxy statement in connection with a merger. The proxy statement allegedly violated the Securities Exchange Act of 1934 by failing to disclose: (1) that Parklane’s president would financially benefit from the company going private; (2) ongoing negotiations that could have resulted in financial benefit to Parklane; and (3) that the appraisal of Parklane stock was based on insufficient information. Before Shore’s action came to trial, the SEC filed a separate action against the same defendants alleging essentially the same violations. After a 4-day bench trial, the district court found that the proxy statement was materially false and misleading, and this finding was affirmed by the Second Circuit. Shore then moved for partial summary judgment, arguing that the defendants should be collaterally estopped from relitigating the issues already decided in the SEC action. The defendants opposed this motion, arguing that applying collateral estoppel would deny them their Seventh Amendment right to a jury trial.
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