In what circumstances have controlling stockholders been found in breach of fiduciary duty in a derivative action?
California, United States of America
The following excerpt is from Jones v. H.F. Ahmanson & Co., 76 Cal.Rptr. 293 (Cal. App. 1969):
The sale of control which carried with it valuable business opportunity that belonged to the corporation was proved and held to be in violation of fiduciary duty of controlling stockholders in Perlman v. Feldmann, 219 F.2d 173, 50 A.L.R.2d 1134 (2nd Circuit), (a derivative action), (See 68
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