Legal Opinion
Kamen v. Kemper Financial Services, Inc.
Supreme Court of the United States
Decided May 20, 1991No. 90-516PublishedCited by 1,241 opinions
1Opinion of the CourtJustice Marshall
This case calls upon us to determine whether we should fashion a federal common law rule obliging the representative shareholder in a derivative action founded on the Investment Company Act of 1940, 54 Stat. 789, 15 U. S. C. § 80a-l(a) et seq., to make a demand on the board of directors even when such a demand would be excused as futile under state law. Because the scope of the demand requirement embodies the incorporating State’s allocation of governing powers within the corporation, and because a futility exception to demand does not impede the purposes of the Investment Company Act, we…
2Cases cited32 opinions
- Erie Railroad v. TompkinsSupreme Court of the United States · 1938
- Cohen v. Beneficial Industrial Loan Corp.Supreme Court of the United States · 1949
- Singleton v. WulffSupreme Court of the United States · 1976
- Cort v. AshSupreme Court of the United States · 1975
- DelCostello v. International Brotherhood of TeamstersSupreme Court of the United States · 1983
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3Cited by1,241 opinions
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- United States National Bank v. Independent Insurance Agents of America, Inc.Supreme Court of the United States · 1993
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- In Re Silicon Graphics Inc. Securities Litigation. Edmund J. Janas v. Edward R. McCracken Michael Ramsay Robert K. Burgess Thomas J. Oswald Teruyasu Sekimoto Forest Baskett Stephen Goggiano William M. Kelly Lucille Shapiro Silicon Graphics, Inc., Deanna Brody Andrea S. Donald Israel Buck Ruth Buck Denise Struthers Thomas G. Di Cicco Ira Steven B. Ewall Rosalyn Golaine Jerry Krim Mary Anne Beke Herman Grossman Samuel J. Reiner Dennis Lucas v. Edward R. McCracken Michael Ramsay Robert K. Burgess Thomas J. Oswald Teruyasu Sekimoto Forest Baskett Stephen Goggiano William M. Kelly Lucille Shapiro Silicon Graphics, Inc.Court of Appeals for the Ninth Circuit · 1999
- O'Melveny & Myers v. Federal Deposit InsuranceSupreme Court of the United States · 1994
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