KOOS v. LUDWIG


22 A.D.2d 666 (1964)

Charles H. Koos et al., on Behalf of Themselves and in Their Own Right and in Behalf and for the Benefit of All Other Stockholders of American-Hawaiian Steamship Company, Respondents, v. D. K. Ludwig et al., Defendants, and American-Hawaiian Steamship Company, Appellant

Appellate Division of the Supreme Court of the State of New York, First Department.

October 22, 1964


Order, entered November 20, 1962, so far as appealed from, unanimously modified, on the law, to dismiss the second cause of action, and otherwise affirmed, with $30 costs and disbursements to defendant-appellant.

The alleged fraud of the defendant and the alleged violations of the Investment Advisers Act of 1940 (U. S. Code, tit. 15, § 80a-1 et seq.) do not establish the basis for the maintenance by plaintiffs of a representative or class action on behalf...

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