GUTTMANN v. ILLINOIS CENTRAL R. CO.

No. 238, Docket 21801.

189 F.2d 927 (1951)

GUTTMANN v. ILLINOIS CENTRAL R. CO.

United States Court of Appeals Second Circuit.

Decided May 31, 1951.


Attorney(s) appearing for the Case

Paul, Weiss, Rifkind, Wharton & Garrison and Nemerov & Schapiro, all of New York City (Lloyd K. Garrison, New York City, of counsel), Mortimer A. Shapiro, Norman S. Nemser, William T. Coleman, Jr., and Donald Schapiro, all of New York City, for plaintiff-appellant.

Davis, Polk, Wardwell, Sunderland & Kiendl, New York City (Theodore Kiendl, New York City, of counsel), John W. Davis, S. Hazard Gillespie, Jr., Francis W. Phillips and Peter M. Ward, all of New York City, for defendant-appellee.

Before L. HAND, CHASE and FRANK, Circuit Judges.


FRANK, Circuit Judge.

The trial court's findings of facts — which are amply supported by the evidence and unquestionably are not "clearly erroneous" — establish that the directors acted well within their discretion in withholding declarations of dividends on the non-cumulative preferred stock up to the year 1948. In so holding, we assume, arguendo, that, as plaintiff insists,1 the standard of discretion in weighing...

Let's get started

Leagle.com

Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.

  • Updated daily.
  • Uncompromising quality.
  • Complete, Accurate, Current.

Listed below are the cases that are cited in this Featured Case. Click the citation to see the full text of the cited case. Citations are also linked in the body of the Featured Case.

Cited Cases

  • No Cases Found

Listed below are those cases in which this Featured Case is cited. Click on the case name to see the full text of the citing case.

Citing Cases