Carolina First Corp. v. Whittle

HOWARD, Judge:

In this stockholder’s derivative suit, we are asked to consider the demand and pleading requirements of Rule 23(b)(1), SCRCP. Three shareholders of Carolina First Corporation brought this action, primarily seeking to recover disproportionate stock bonuses paid to three high level officers. The trial court dismissed the action pursuant to Rule 12(b)(6), SCRCP, because the complaint failed to allege particularized facts to meet or excuse the demand requirements of Rule 23(b)(1), SCRCP. We affirm.

FACTUAL/PROCEDURAL BACKGROUND

Carolina First Corporation (“Carolina First”) is the…