George Pepperdine Foundation v. Pepperdine

Appeal from judgment of dismissal after demurrers, general and special, had been sustained and plaintiff had declined to amend its second amended complaint, herein referred to as complaint.

The complaint is by a nonprofit, charitable corporation against its former directors for damages resulting from “dissipation of its assets through illegal and speculative transactions and mismanagement of its affairs” by defendants during their incumbencies. It alleges a loss in 11 years of $3,000,000 of assets and the unlawfully incurring of indebtedness in the sum of $525,000. It demands judgment against…