Lissauer v. Bertles

LEIBELL, District Judge.

Plaintiff, a stockholder of Industrial Acceptance Corporation, brought a stockholders derivative suit in the New York Supreme Court against three corporations and numerous individual defendants, charging them with a conspiracy to defraud the Acceptance Corporation of its assets and demanding an accounting. In that suit William M. Bertles was the first of the defendants named therein and it will be referred to as the “Bertles” suit to distinguish it from the “Brown” suit hereinafter referred to.

The corporate defendants, Morris Plan Corporation and Industrial Finance…