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KAMEN v. KEMPER FINANCIAL SERVICES, INC.

No. 90-516.

500 U.S. 90 (1991)

KAMEN v. KEMPER FINANCIAL SERVICES, INC., ET AL.

Supreme Court of United States.

Decided May 20, 1991.

Attorney(s) appearing for the Case

Richard M. Meyer argued the cause and filed briefs for petitioner.

Michael R. Dreeben argued the cause for the Securities and Exchange Commission as amicus curiae urging reversal. With him on the brief were Solicitor General Starr, Deputy Solicitor General Roberts, James R. Doty, Paul Gonson, Jacob H. Stillman, Lucinda O. McConathy, and Randall W. Quinn.

Joan M. Hall argued the cause for respondents. With her on the brief for respondent Kemper Financial Services, Inc., were Barry Sullivan and Sidney I. Schenkier. Martin M. Ruken and Charles F. Custer filed a brief for respondent Cash Equivalent Fund, Inc.*

JUSTICE MARSHALL delivered the opinion of the Court.

This case calls upon us to determine whether we should fashion a federal common law rule obliging the representative shareholder in a derivative action founded on the Investment Company Act of 1940, 54 Stat. 789, 15 U. S. C. § 80a-1(a) et seq., to make a demand on the board of directors even when such a demand would be excused as futile under state law. Because the scope of the demand requirement embodies...

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