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BAUER v. SWEENY

No. 91-2500.

964 F.2d 305 (1992)

Virginia BAUER; Charles E. Corbett; Lorraine B. Corbett; Carl A. Grover; Mary M. Grover; Ralph T. Haile, Jr.; Otis Allen Jeffcoat, III; W.H. Olive, Jr.; Eloise S. Plyler; Joan B. Thompson; H. Erwin Thompson; George H. Wall; Justin W. Plyler; Mary Muthig Jeffcoat, As Individuals and/or Shareholders of SeaBank Savings, FSB, Plaintiffs-Appellants, v. William O. SWEENY, Jr.; James E. Tyson; Cephus W. Long; George D. Taylor; Mark C. Garner; William H. Alford, As Individuals and as Directors of SeaBank Savings, FSB; Robert N. Swiger, Individually and as President, C.E.O. & Director of SeaBank Savings, FSB; John L. Sweeney, Individually and as agent for certain directors of SeaBank Savings, FSB; Deloitte, Haskins & Sells; Resolution Trust Corporation, Defendants-Appellees, and B.L. Randolph, Individually and as Vice President and Treasurer of SeaBank Savings, FSB; Bradley Filiault, Individually and as Assistant Vice President of SeaBank Savings, FSB, Defendants.

United States Court of Appeals, Fourth Circuit.

Decided May 4, 1992.

As Amended September 3, 1992.

Attorney(s) appearing for the Case

James Jay Kaufman, Barefoot & Kaufman, Wilmington, N.C., argued (James C. Rushton, III, The Hyman Law Firm, Florence, S.C., on brief), for plaintiffs-appellants.

John Randolph Pelzer, Pelzer & Associates, P.A., Charleston, S.C., argued (Rogena Snipes, Sr. Atty., Professional Liability Section, Holly A. Hamilton, Legal Div., Resolution Trust Corp., Atlanta, Ga., Kathleen Flake, Sharon D. Zissman, Resolution Trust Corp., Washington, D.C., Jefferson B. Aiken, III, Coleman, Aiken & Chase, Florence, S.C., Robert W. Dibble, Jr., McNair Law Firm, James W. Alford, Barnes, Alford, Stork & Johnson, Columbia, S.C., Henrietta U. Golding, Howell V. Bellamy, Jr., Bellamy, Rutenberg, Copeland, Epps, Gravely & Bowers, P.A., Myrtle Beach, S.C., Edward C. Winslow, III, James T. Williams, Jr., Mack Sperling, Brooks, Pierce, McLendon, Humphrey & Leonard, Greensboro, N.C., on brief), for defendants-appellees.

Before ERVIN, Chief Judge, LUTTIG, Circuit Judge, and RESTANI, Judge, United States Court of International Trade, sitting by designation.

OPINION

RESTANI, Judge:

This case is before the court following the district court's dismissal of the action pursuant to Rule 12(b)(6) of the Federal Rules of Civil Procedure.

The sole issue on appeal is whether the district court correctly concluded that shareholders of a failed savings bank do not have standing to bring a derivative action against former officers and directors because the bank's claims...

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