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SANDBERG v. VIRGINIA BANKSHARES, INC.

Nos. 88-2658 to 88-2660, 88-2662 to 88-2664, 89-2903, 89-2904.

891 F.2d 1112 (1989)

Doris I. SANDBERG, individually and on behalf of other minority stockholders, Plaintiff-Appellant, v. VIRGINIA BANKSHARES, INC.; First American Bankshares, Inc.; Jack W. Beddow; Milton L. Drewer, Jr.; E. Guy Ridgely; Emanuel A. Baker, Jr.; Harriet F. Bradley; Joel T. Broyhill; Thomas B. Chamberlin; Thomas P. Chisman; Sidney O. Dewberry; Eric W. Erdossy; George W. Johnson; Charles T. Lindsay, Jr.; Donald R. Maxfield; Linda H. Michael; Milton V. Peterson; Glenn W. Saunders, Jr.; Charles H. Smith, Jr.; Verlin W. Smith; Henry A. Thomas; Stephen G. Yeonas, Defendants-Appellees, Thomas G. Mays; Dwight C. Schar, Defendants. (Two Cases) Doris I. SANDBERG, individually and on behalf of other minority stockholders, Plaintiff-Appellee, v. Jack W. BEDDOW; Milton L. Drewer, Jr.; E. Guy Ridgely; Emanuel A. Baker, Jr.; Harriet F. Bradley; Joel T. Broyhill; Thomas B. Chamberlin; Thomas P. Chisman; Sidney O. Dewberry; Eric W. Erdossy; George W. Johnson; Charles T. Lindsay, Jr.; Donald R. Maxfield; Linda H. Michael; Milton V. Peterson; Glenn W. Saunders, Jr.; Charles H. Smith, Jr.; Verlin W. Smith; Henry A. Thomas; Stephen G. Yeonas, Defendants-Appellants, and Virginia Bankshares, Inc.; First American Bankshares, Inc.; Thomas G. Mays; Dwight C. Schar, Defendants. Doris I. SANDBERG, individually and on behalf of other minority stockholders, Plaintiff-Appellee, v. VIRGINIA BANKSHARES, INC.; First American Bankshares, Inc., Defendants-Appellants, and Jack W. Beddow; Milton L. Drewer, Jr.; E. Guy Ridgely; Emanuel A. Baker, Jr.; Harriet F. Bradley; Joel T. Broyhill; Thomas B. Chamberlin; Thomas P. Chisman; Sidney O. Dewberry; Eric W. Erdossy; George W. Johnson; Charles T. Lindsay, Jr.; Donald R. Maxfield; Thomas G. Mays; Linda H. Michael; Milton V. Peterson; Glenn W. Saunders, Jr.; Dwight C. Schar; Charles H. Smith, Jr.; Verlin W. Smith; Henry A. Thomas; Stephen G. Yeonas, Defendants. Paul H. WEINSTEIN, et al., Plaintiffs-Appellees, v. Jack W. BEDDOW; Milton L. Drewer, Jr.; E. Guy Ridgely; Emanuel A. Baker, Jr.; Harriet F. Bradley; Joel T. Broyhill; Thomas B. Chamberlin; Thomas P. Chisman; Sidney O. Dewberry; Eric W. Erdossy; George W. Johnson; Charles T. Lindsay, Jr.; Donald R. Maxfield; Linda H. Michael; Milton V. Peterson; Glenn W. Saunders, Jr.; Charles H. Smith, Jr.; Verlin W. Smith; Henry A. Thomas; Stephen G. Yeonas, Defendants-Appellants, and Virginia Bankshares, Inc.; First American Bankshares, Inc., Defendants. Paul H. WEINSTEIN, et al., Plaintiffs-Appellees, v. VIRGINIA BANKSHARES, INC.; First American Bankshares, Inc., Defendants-Appellants, and Jack W. Beddow; Milton L. Drewer, Jr.; E. Guy Ridgely; Emanuel A. Baker, Jr.; Harriet F. Bradley; Joel T. Broyhill; Thomas B. Chamberlin; Thomas P. Chisman; Sidney O. Dewberry; Eric W. Erdossy; George W. Johnson; Charles T. Lindsay, Jr.; Donald R. Maxfield; Linda H. Michael; Milton V. Peterson; Glenn W. Saunders, Jr.; Charles H. Smith, Jr.; Verlin W. Smith; Henry A. Thomas; Stephen G. Yeonas, Defendants. Paul H. WEINSTEIN, et al., Plaintiffs-Appellants, v. VIRGINIA BANKSHARES, INC.; First American Bankshares, Inc.; Jack W. Beddow; Milton L. Drewer, Jr.; E. Guy Ridgely; Emanuel A. Baker, Jr.; Harriet F. Bradley; Joel T. Broyhill; Thomas B. Chamberlin; Thomas P. Chisman; Sidney O. Dewberry; Eric W. Erdossy; George W. Johnson; Charles T. Lindsay, Jr.; Donald R. Maxfield; Linda H. Michael; Milton V. Peterson; Glenn W. Saunders, Jr.; Charles H. Smith, Jr.; Verlin W. Smith; Henry A. Thomas; Stephen G. Yeonas, Defendants-Appellees (Two Cases).

United States Court of Appeals, Fourth Circuit.

Decided December 15, 1989.

Attorney(s) appearing for the Case

Lewis Thomas Booker, Richmond, Va. (Thomas J. Cawley and Stephen M. Sayers, Hunton & Williams, Fairfax, Va., on brief), John Sutton Stump (Thomas E. Spahn, Sean F. Murphy, and Robert R. Vieth, McGuire, Woods, Battle & Boothe, McLean, Va., on brief), for appellants.

Joseph Mark Hassett (John C. Keeney, Jr., George H. Mernick, III, Silver Spring, Md., David G. Leitch, and Albert W. Turnbull, Alexandria, Va., Hogan & Hartson, McLean, Va., on brief) for appellees.

Before HALL, Circuit Judge, GORDON, Senior United States District Judge for the Middle District of North Carolina, sitting by designation, and VOORHEES, United States District Judge for the Western District of North Carolina, sitting by designation.

K.K. HALL, Circuit Judge:

First American Bankshares, Inc. ("FABI"), its wholly-owned subsidiary, Virginia Bankshares, Inc. ("VBI" and, collectively with FABI, "Bankshares"), First American Bank of Virginia ("Bank"), and various directors of the Bank, were defendants below in each of these two cases. In Sandberg, they appeal from the judgment entered on a jury verdict for the plaintiff, Doris Sandberg, based on federal securities law violations and state law...

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