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WEISS v. TEMPORARY INV. FUND, INC.

No. 81-2688.

692 F.2d 928 (1982)

Melvyn I. WEISS, Custodian for Gary Michael Weiss, U/NY/UGMA, Appellant, v. TEMPORARY INVESTMENT FUND, INC., Provident Institutional Management Corporation, Shearson Loeb Rhoades, Inc., Russell W. Richie, Robert R. Fortune, James Louis Robertson, Henry M. Watts, Jr., Dr. Ralph A. Young, Thomas S. Gates, G. Willing Pepper, Appellees.

United States Court of Appeals, Third Circuit.

Decided November 12, 1982.

Attorney(s) appearing for the Case

Morris & Rosenthal, P.A., Wilmington, Del., Wolf Haldenstein Adler Freeman & Herz, New York City, for appellant; Daniel W. Krasner (argued), Jeffrey G. Smith, Wolf Haldenstein Adler, Freeman & Herz, New York City, of counsel.

Peter M. Mattoon, Richard Z. Freemann, Jr. (argued), Philadelphia, Pa., for appellee, Provident Institutional Management Corp., Ballard, Spahr, Andrews & Ingersoll, Philadelphia, Pa., of counsel.

David L. Foster, Paula J. Mueller, New York City, for appellee, Shearson Loeb Rhoades, Inc.; Willkie, Farr & Gallagher, New York City, of counsel.

Morris R. Brooke, James M. Sweet, James C. Ingram, Philadelphia, Pa., for appellees, Russell W. Richie, Robert R. Fortune, James Louis Robertson, Henry M. Watts, Jr., Dr. Ralph A. Young, Thomas S. Gates and G. Willing Pepper; Drinker Biddle & Reath, Philadelphia, Pa., of counsel.

Before GIBBONS, SLOVITER and BECKER, Circuit Judges.

OPINION OF THE COURT

EDWARD R. BECKER, Circuit Judge.

The principal question presented in this appeal is whether a shareholder of an investment company must make a demand on directors pursuant to Fed.R.Civ.P. 23.1 prior to commencing suit under section 36(b) of the Investment Company Act of 1940 (ICA), 15 U.S.C. §§ 80a-35(b) (1976), to challenge the company's contracts with its investment advisers. The district judge dismissed the action for failure...

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