Jeffrey M. GREEN, Plaintiff-Appellant,
v.
J. Carter BROWN, Henry C. Brunie, L. A. Casler, W. P. Considine, Henry A. Loeb, Royal Little, James E. Robison, Albert H. Rubenstein, Clark Simonds, J. B. Somerall, Narragansett Capital Corporation, Defendants-Appellees, and
Harry Lynn Pierson, Defendant.
United States Court of Appeals Second Circuit.https://leagle.com/images/logo.png
Argued June 6, 1968.
Decided July 29, 1968.
Attorney(s) appearing for the Case
Sidney L. Garwin, New York City (Bertram Bronzaft, New York City, on the brief), for plaintiff-appellant.
William E. Haudek, New York City (Pomerantz, Levy, Haudek & Block, Abraham H. Pomerantz, New York City, on the brief), for defendants-appellees J. Carter Brown and another.
Peter H. Morrison, New York City (Segal & Morrison, New York City, on the brief), for defendant-appellee Narragansett Capital Corp.
David R. Hyde, New York City (Cahill, Gordon, Sonnett, Reindel & Ohl, New York City, on the brief), for defendant-appellee Henry A. Loeb.
Philip A. Loomis, Jr., Gen. Counsel; Walter P. North, Associate Gen. Counsel; Jacob H. Stillman, Sp. Counsel; Edward L. Lublin, Atty., Washington, D. C., for the Securities and Exchange Commission, amicus curiae.
Before WATERMAN, ANDERSON and FEINBERG, Circuit Judges.
United States Court of Appeals Second Circuit.
FEINBERG, Circuit Judge:
Jeffrey M. Green, a shareholder in the Narragansett Capital Corporation, a closed-end non-diversified management investment company registered with the Securities and Exchange Commission under the Investment Company Act of 1940,1 brought this derivative action against one former and ten present directors of the corporation. Plaintiff claimed that defendants violated the Act by causing the corporation, without prior...
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