McCloskey v. Snowden
Supreme Court of Pennsylvania
Appeal, No. 244, Jan. T., 1904, by plaintiffs, from decree of C. P. No. 1, Phila. Co., Sept. T., 1903, No. 4065, dismissing bill in equity in case of John J. McCloskey and Louis A. Levin v. A. Loudon Snowden et al. Bill in equity for discovery, account and payment.
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Appeal, No. 244, Jan. T., 1904, by plaintiffs, from decree of C. P. No. 1, Phila. Co., Sept. T., 1903, No. 4065, dismissing bill in equity in case of John J. McCloskey and Louis A. Levin v. A. Loudon Snowden et al. Bill in equity for discovery, account and payment. The bill, reciting that it was filed by complainants on behalf of themselves and all other stockholders of the Danville Bessemer Company, similarly situated, who might thereafter intervene and become parties, averred : 1. That each of the complainants was the owner of 200 •shares of stock of the Danville Bessemer Company, on which…
1Opinion of the Court
Opinion by
Mb. Chief Justice Mitchell,
■ This bill is clearly one of interference in the internal management of a foreign corporation, and as such is not distinguishable from Madden v. Electric Light Co., 181 Pa. 617.
The bill sets up a case of fraud against the company which affects the plaintiffs solely in their capacity as stockholders in common with the others. Prima facie the proper party to seek redress for such a wrong is the corporation itself through its governing body, the board of directors. “ The right of an individual stockholder to act for the corporation is exceptional, and only…
2Cases cited2 opinions
- Madden v. Penn Electric Light Co.Supreme Court of Pennsylvania · 1897
- Wolf v. Pennsylvania RailroadSupreme Court of Pennsylvania · 1900
3Cited by21 opinions
- Callery's AppealSupreme Court of Pennsylvania · 1922
- Kelly v. ThomasSupreme Court of Pennsylvania · 1912
- Findley v. GarrettCalifornia Court of Appeal · 1952
- Cunliffe v. Consumers Ass'n of AmericaSupreme Court of Pennsylvania · 1924
- Levine v. Pittsburgh State BankSupreme Court of Pennsylvania · 1924
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