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ROME v. ARCHER

197 A.2d 49 (1964)

Marjorie T. ROME et al., Objectants below, Appellants, v. Norman H. ARCHER, Plaintiff below, Appellee, and Walter L. Morgan et al., Defendants below, Appellees. Molly LAYMAN, Objectant below, Appellant, v. Norman H. ARCHER, Plaintiff below, Appellee, and Walter L. Morgan et al., Defendants below, Appellees. Ruth BLUM, Objectant below, Appellant, v. Norman H. ARCHER, Plaintiff below, Appellee, and Walter L. Morgan et al., Defendants below, Appellees.

Supreme Court of Delaware.

January 14, 1964.

Attorney(s) appearing for the Case

F. Alton Tybout, Wilmington, and Edwin P. Rome, of Blank, Rudenko, Klaus & Rome, Philadelphia, Pa., for objectants below, appellants.

Irving Morris, of Cohen & Morris, Wilmington, and Abraham L. Pomerantz, New York City, for plaintiff below, appellee.

Robert H. Richards, Jr., of Richards, Layton & Finger, Wilmington, for Wellington Fund, Inc., defendant below, appellee.

Richard F. Corroon, of Berl, Potter & Anderson, Wilmington, and Daniel Mungall, Jr., of Stradley, Ronon, Stevens & Young, Philadelphia, Pa., for the remaining defendants below, appellees.

L. Coleman Dorsey, Wilmington, and Lawrence Milberg, New York City, for objectant below, appellant.

Abraham Hoffman, Wilmington, and Abraham Markowitz, New York City, for objectant below, appellant.

TERRY, C. J., and WOLCOTT and CAREY, JJ., sitting.

TERRY, Chief Justice.

On July 12, 1960, plaintiff, a shareholder of Wellington Fund, Inc., an open end mutual investment company registered under the Investment Company Act of 1940, 15 U.S.C.A. § 80a-1 et seq., commenced this derivative action against the individual directors of The Fund, its investment advisor, Wellington Management Company, and the principal underwriter of The Fund, Wellington Company, Inc., and the Wellington Equity Fund, a so-called "Stock...

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