In what circumstances will a court strike a claim by shareholders of a defunct bank?
Alberta, Canada
The following excerpt is from Cormode & Dickson Construction (1983) Ltd. v. 394300 Alberta Ltd., 2008 ABQB 607 (CanLII):
In Burt v. McLaughlan, Wachowich J. (as he then was) struck a claim by the shareholders of a defunct bank who alleged that they had suffered financial loss. Wachowich J. noted that an action by a shareholder to recover for the decrease in the value of his shares is a derivative action rather than a personal action (at para. 10), and he struck the personal claims of the shareholders.
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