Cooper v. Pedersen

This is a representative stockholders’ suit, charging misappropriation of corporate funds. Plaintiffs, as counterdefendants, appeal from a decree finding defendant Martin, as counterplaintiff, to be the equitable owner of their stock; directing them to assign and deliver their stock certificates to him; and dismissing their complaint for want of any justiciable interest in the subject matter.

Plaintiffs, as the owners of 80 shares of stock of defendant MPH Manufacturing Corporation, by their amended complaint allege that the individual defendants have drawn unreasonable and excessive salaries;…