Vista Fund v. Garis

SCOTT, Justice.

This is an appeal from a judgment of the Hennepin County District Court granting partial summary judgment and dismissing a complaint insofar as it asserts any stockholders’ derivative claims on behalf of defendants, Foster Wheeler Company (Foster Wheeler) and RayGo, Inc. (RayGo). 1 We affirm.

Plaintiff, the Vista Fund (Vista), is a Minnesota partnership formed to invest in promising new enterprises. In December 1967, Vista purchased shares in defendant RayGo, a Minnesota corporation. At that time RayGo included a division known as the Deltak Division, which engaged in the design…