HALL v. ALIBER

No. 85-CV-72289-DT.

614 F.Supp. 473 (1985)

Craig HALL, Individually and derivatively in the right of First Federal of Michigan, Plaintiff, v. James ALIBER; Donald H. Mitzel; Warren D. Couger; Paul Borman; Gerald J. DeNooyer; James L. Dingwall; Hans Gehrke, Jr.; Alfred R. Glancy, III; Charles M. Heidel; Philip J. Meathe; Henry R. Nolte, Jr.; Fred C. Reynolds; Ronald K. Seelhoff; Jervis C. Webb; Eresteen R. Williams; Max M. Fisher; Marjorie S. Fisher; Jane F. Sherman; Phillip W. Fisher; Mary D. Fisher; Julie Fisher Cummings; Marjorie Fisher Aronow; Martinique Hotel, Inc.; Salomon Brothers Inc., and First Federal of Michigan, a federally chartered capital stock Savings and Loan Association, Defendants.

United States District Court, E.D. Michigan, S.D.

July 31, 1985.


Attorney(s) appearing for the Case

Butzel, Keidan, Simon, Myers & Graham by Douglas G. Graham, Elliot A. Spoon, John Wm. Butler, Jr., Bruce L. Sendek, Detroit, Mich., Akin, Bump, Strauss, Hauer & Feld by David C. Musslewhite, Philip N. Smith, Jr., Margaret L. Vandervalk, Judith B. Baumgartner, Dallas, Tex., for plaintiff.

Bodman, Longley & Dahling by Theodore Souris, Charles N. Raimi, Detroit, Mich., Wachtell, Lipton, Rosen & Katz by Warren R. Stern, New York City, N.Y., for Salomon Brothers, Inc.

Wilmer, Cutler & Pickering by James Robertson, Washington, D.C., Clark, Klein & Beaumont by David M. Hayes, Detroit, Mich., for First Federal of Michigan and First Federal's Officers and Directors.

Warren D. Couger, Detroit, Mich., for First Federal of Michigan.

Honigman, Miller, Schwartz & Cohn by William G. Christopher, David B. Jaffe, Detroit, Mich., for Max M. Fisher.


OPINION

GILMORE, District Judge.

This shareholders' derivative action challenges the sale of stock to the Fisher group, and is before the Court upon consideration of defendants' motion to dismiss the complaint because of inadequacy of class representation and failure to make demand upon First Federal of Michigan. The Court finds plaintiff to be an inadequate class representative for various reasons, primarily...

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