Legal Opinion
IIT v. Cornfeld
District Court, S.D. New York
Decided December 7, 1978No. 75 Civ. 3514 (GLG)PublishedCited by 11 opinions
1Opinion of the Court
OPINION
GOETTEL, District Judge:
This securities case raises novel questions about derivative actions under section 10(b) of the Securities Exchange Act of 1934 (the “1934 Act”), 15 U.S.C. § 788(b), and Rule 10b-5, 15 C.F.R. § 240.10b-5, and subject matter jurisdiction under the federal securities laws. The case presents the general issue whether, or to what extent, foreign shareholders in foreign corporations may assert, in a United States court, 10b-5 fraud claims in a derivative action against their own management and alleged American co-conspirators.
The plaintiff, IIT, was an “international…
2Cases cited37 opinions
- Conley v. GibsonSupreme Court of the United States · 1957
- United Mine Workers of America v. GibbsSupreme Court of the United States · 1966
- Cort v. AshSupreme Court of the United States · 1975
- Blue Chip Stamps v. Manor Drug StoresSupreme Court of the United States · 1975
- Santa Fe Industries, Inc. v. GreenSupreme Court of the United States · 1977
32 more not listed; retrieve them via the Exa API.
3Cited by11 opinions
- Iit, An International Investment Trust v. Bernard CornfeldCourt of Appeals for the Second Circuit · 1980
- IIT v. CornfeldCourt of Appeals for the Second Circuit · 1980
- CONTINENTAL GRAIN (AUSTRALIA) PTY. LTD., Appellant, v. PACIFIC OILSEEDS, INC. and Carl Ernest Claassen, Appellees, and Northrup, King & Co.Court of Appeals for the Eighth Circuit · 1979
- Cornfeld v. Investors Overseas Services, Ltd.District Court, S.D. New York · 1979
- Samuel M. Feinberg Testamentary Trust v. CarterDistrict Court, S.D. New York · 1987
6 more not listed; retrieve them via the Exa API.