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FARBER v. SERVAN LAND CO., INC.

No. 79-4014.

662 F.2d 371 (1981)

Jack FARBER, personally and as a shareholder of Servan Land Corporation, Inc., on behalf of the Corporation, Plaintiff-Appellant, v. SERVAN LAND COMPANY, INC., Charles S. Serianni and A. I. Savin, Defendants-Appellees.

United States Court of Appeals, Fifth Circuit. Unit B.

November 30, 1981.

Attorney(s) appearing for the Case

Smathers & Thompson, Cromwell A. Anderson, Keith E. Hope, Miami, Fla., for plaintiff-appellant.

Horton & Perse, Mallory H. Horton, Starr W. Horton, Miami, Fla., for defendants-appellees.

Before TJOFLAT, HATCHETT and THOMAS A. CLARK, Circuit Judges.

TJOFLAT, Circuit Judge:

This is the second appeal of a stockholder's derivative suit against two corporate directors for preemption of a corporate opportunity. We find that the directors violated their fiduciary duties to the corporation and that they are liable for damages. We remand the case to the district court so that damages may be assessed.

I

In 1959, Charles Serianni, a Broward County, Florida, businessman...

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