Northern Trust Co. v. Essaness Theatres Corp.

Plaintiffs, executors and trustees under the will of Sidney M. Spiegel, Jr., filed their bill below charging constructive fraud in the purchase by defendant corporation from plaintiffs of 290 plus shares of stock in defendant corporation and seeking to recover the difference between the fair cash value of the stocks so sold and the purchase price. Defendants filed a motion to strike the complaint on the grounds that the action was barred by a prior proceeding of the probate court of Cook county approving the sale and that the complaint did not state a cause of action in law or equity against…