(DOWNLOAD) "Husvar v. Rapoport" by United States Court Of Appeals For The Sixth Circuit * Book PDF Kindle ePub Free
eBook details
- Title: Husvar v. Rapoport
- Author : United States Court Of Appeals For The Sixth Circuit
- Release Date : January 03, 2005
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 56 KB
Description
The plaintiffs, all of whom are shareholders and former employees of Mosler, Inc., brought this class action in Ohio state court against the company itself and against four members of the Mosler board of directors, seeking recompense for the diminution in value of company stock that, in part, was used to fund employee retirement plans. Although the plaintiffs couch their causes of action in terms of direct and derivative claims for breach of fiduciary duty under state law, the district court concluded that the complaint and amended complaint filed by the plaintiffs actually implicated the Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C. §§ 1001-1461, and thus was properly removable to federal court. Ultimately, however, the district court dismissed the action in its entirety on motion of the defendants, based not on ERISA but on a finding that the plaintiffs lacked standing to bring a derivative action because the nominal defendant, Mosler, was involved in bankruptcy proceedings.