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Perlman v. Feldmann
Citation:
349 U.S. 952 (1955)Facts
Minority stockholders of Newport Steel Corporation brought a derivative action to compel accounting for allegedly illegal gains which accrued to defendants. The principal defendant, C. Russell Feldmann, who represented and acted for the others, members of his family, was at the time not only the dominant stockholder, but also the chairman of the board of directors and president of the corporation. Newport operated mills for the production of steel sheets for sale to manufacturers of steel products. Plaintiffs contend that the consideration paid for the stock included compensation for the sale of a corporate asset, a power held in trust for the corporation by Feldmann as its fiduciary.
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Topic Resources
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Directors OfficersTopic Refresher Course
Breach: Major and MinorTopic Charts & Notes
Parties Chart