Hauben v. Morris

Pécora, J.

The plaintiffs are stockholders of the Industrial Finance Corporation. They bring this action in equity on their own behalf and on behalf of all other stockholders similarly situated, against certain of the directors of the corporation, to recover, on behalf of the corporation moneys alleged to have been acquired by the directors with others, in violation of the fiduciary duty which such directors owed to the corporation. While the trial lasted many, days and the evidence is voluminous, the essential facts may be simply stated.

Industrial Finance Corporation is a holding company. It…