Benson v. Associated Art Press, Inc.

Plaintiff brought a representative action on behalf of himself and other stockholders similarly situated alleging that defendants Frankel and Boswell, as directors and officers of Associated Art Press, Inc., were guilty of misconduct, fraud, mismanagement and waste. The answer denied all charges and alleged that the business of the corporation was wound up in 1925. There was also a plea of laches in that the plaintiff had waited five years from the termination of the business of the corporation during which time its books and records were lost and its witnesses became unavailable.

All of the…