Aspinook Corp. v. Bright

Judge Bright’s refusal of the substantial costs bond provided for corporations in shareholders’ derivative actions by the state *295statute passed in 1944, N. Y. General Corporation Law, § 61-b, was based upon- the conclusion stated by him in Boyd v. Bell, D.C.S.D.N.Y., 64 F.Supp. 22, that the act was procedural in nature and could not restrict a substantive right to relief of federal cognizance through the diverse citizenship of the parties. Other district judges have similarly ruled. Craftsmen Finance & Mortg. Co. v. Brown, D.C.S.D.N.Y., 64 F. Supp. 168 (Leibell, J.); Cohen v. Beneficial Indus.…