ZIMMERMAN v. BELL

No. 85-2027.

800 F.2d 386 (1986)

Ilse ZIMMERMAN and Irma Bildstein and Belle M. Cohen and Richard Ash, individually and derivatively on behalf of Martin Marietta Corporation, Appellees, and Charlotte Horowitz, on behalf of herself and all others similarly situated as to Counts I and II, and in the right of Martin Marietta Corporation as to Counts III and IV, Appellant, v. Griffin B. BELL, Frank X. Bradley, John J. Byrne, A. James Clark, James L. Everett, III, Frank M. Ewing, William W. Hagerty, John L. Hanigan, Charles E. Hugel, Melvin R. Laird, Thomas G. Pownall, J. Donald Rauth, David C. Scott, Eugene M. Zuckert, John Doe, I, John Doe, II, John Doe, III, John Doe, IV, John Doe, V, John Doe, VI, John Doe, VII, John Doe, IX, John Doe, X, John Doe, XI, John Doe, XII, John Doe, XIII, John Doe, XIV, John Doe, XV, John Doe, XVI, John Doe, XVII, John Doe, XVIII, John Doe, XIX, John Doe, XX, John Doe, XXI, John Doe, XXII, John Doe, XXIII, John Doe, XXIV, John Doe, XXV, John Doe, XXVI, John Doe, XXVII, John Doe, XXVIII, Martin Marietta Corporation, Anne Schwartz, Jean Braun, Laurence J. Adams, Charles H. Leithauser, and David S. Levine, Appellees.

United States Court of Appeals, Fourth Circuit.

Decided September 8, 1986.


Attorney(s) appearing for the Case

Kurt Hunciker, Sheldon D. Camhy, Allan R. Tessler, Shea & Gould, Jules Brody, Stull, Stull & Brody, New York City, J. Michael McWilliams, William C. Sammons, John B. Isbister (Tydings & Rosenberg, Baltimore, Md., on brief), for appellant.

Robert C. Myers, Dewey, Ballantine, Bushby, Palmer & Wood, New York City, George Beall (Miles & Stockbridge, Baltimore, Md., on brief), for appellees the Directors Martin Marietta Corp.

Irving Bizar, Bizar, D'Alessandro, Shustak & Martin, Bruce E. Gerstein, Garwin, Bronzzaft & Gerstein, New York City (Wartzman, Rombro, Rudd & Omansky, P.A., Baltimore, Md., on brief), for appellees Ilse Zimmerman, et al.

Karen M. Barry, Frank H. Menaker, Jr., Bethesda, Md., Vice President and Gen. Counsel (Martin Marietta Corp., on brief), for appellee Martin Marietta Corporation.

Before WIDENER, ERVIN and WILKINSON, Circuit Judges.


WILKINSON, Circuit Judge:

This appeal arises out of Bendix Corporation's 1982 attempt to take over Martin Marietta Corporation. Charlotte Horowitz, alleging securities fraud, filed a class action against the directors of Martin Marietta on behalf of herself and other shareholders of that corporation. The district court denied Horowitz' motion for class certification. The directors of Martin Marietta offered judgment to Horowitz...

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