John J. CRANLEY, III, Julius Grad and Walter J. Birdsall, on behalf of themselves and all other similarly situated policyholders of National Life of Vermont, Plaintiffs-Appellants,
Betty C. Birdsall, on behalf of herself and all other similarly situated policyholders of National Life of Vermont, Plaintiff,
v.
NATIONAL LIFE INSURANCE COMPANY OF VERMONT, National Life Holding Company, NLV Financial Corporation, Patrick E. Welch, Chairman of the Board of Directors and Chief Executive Officer of National Life Insurance Company of Vermont, Thomas MacLeay, President and Chief Operating Officer, and member of the Board of Directors of National Life Insurance Company of Vermont, James A. Mallon, Executive Vice President and Chief Marketing Officer of National Life Insurance Company of Vermont, William A. Smith, Executive Vice President and Chief Financial Officer of National Life Insurance Company of Vermont, Rodney A. Buck, Senior Vice President and Chief Investment Officer of National Life Insurance Company of Vermont, Gregory H. Doremus, Senior Vice President of National Life Insurance Company of Vermont, Charles C. Kittredge, Senior Vice President of National Life Insurance Company of Vermont, Robert E. Boardman, David R. Coates, Benjamin F. Edwards, III, Earle H. Harbison, Jr., Roger B. Porter, E. Miles Prentice, III, Thomas P. Salmon, A. Gary Shilling, Thomas R. Williams, Patricia K. Woolf, Members of the Board of Directors of National Life Insurance Company of Vermont, Elizabeth R. Costle, Commissioner of the Department of Banking, Insurance, Securities, and Health Care Administration of the State of Vermont, in her Official capacity, Defendants-Appellees.
United States Court of Appeals, Second Circuit.https://leagle.com/images/logo.png
Argued: June 4, 2002.
Decided: January 21, 2003.
Attorney(s) appearing for the Case
Steven F. Stuhlbarg, Cincinnati, Ohio (Richard S. Wayne, William K. Flynn, Strauss & Troy, Cincinnati, Ohio, Geoffrey W. Crawford, O'Neill Crawford & Green, Burlington, Vermont, Stanley M. Chesley, Robert A. Steinberg, Waite, Schneider, Bayless & Chesley, Cincinnati, Ohio, Howard A. Specter, David J. Manogue, Joseph N. Kravec, Jr., Specter Specter Evans & Manogue, Pittsburgh, Pennsylvania, Glen DeValerio, Michael G. Lange, John P. Zavez, Berman DeValerio & Pease, Boston, Massachusetts, Jody Anderman, Leblanc, Maples & Waddell, Baton Rouge, Louisiana, on the brief), for Plaintiffs-Appellants.
Jeffrey B. Rudman, Boston, Massachusetts (Andrea J. Robinson, Peter A. Spaeth, Jonathan A. Shapiro, Sharon Simpson Jones, Hale & Dorr, Boston, Massachusetts, Robert S. Burke, National Life Insurance Company, Montpelier, Vermont, on the brief), for Defendants-Appellees National Life Insurance Company of Vermont, National Life Holding Company, NLV Financial Corporation, Welch, MacLeay, Mallon, Smith, Buck, Doremus, Kittredge, Boardman, Coates, Edwards, Harbison, Porter, Prentice, Salmon, Shilling, Williams, and Woolf.
Bridget C. Asay, Assistant Attorney General, Montpelier, Vermont (William H. Sorrell, Attorney General of the State of Vermont, and Cathy Nelligan Norman, Assistant Attorney General, Montpelier, Vermont, on the brief), for Defendant-Appellee Costle.
Malakoff Doyle & Finberg, Pittsburgh, Pennsylvania (Michael P. Malakoff, Erin M. Brady, Pittsburgh, Pennsylvania, of counsel), filed a brief for Amicus Curiae National Consumer Law Center, in support of Plaintiffs-Appellants.
Debevoise & Plimpton, New York, New York (Bruce E. Yannett, Carl Micarelli, New York, New York, Duncan J. Logan, Metropolitan Life Insurance Company, New York, New York, Colby A. Smith, Debevoise & Plimpton, Washington, D.C., of counsel), filed a brief for Amici Curiae Metlife, Inc., and Metropolitan Life Insurance Company, in support of Defendants-Appellees.
Before: KEARSE and McLAUGHLIN, Circuit Judges, and Daniels, District Judge.
United States Court of Appeals, Second Circuit.
KEARSE, Circuit Judge.
Plaintiffs John J. Cranley, III, et al., appeal from a judgment of the United States District Court for the District of Vermont, William K. Sessions, III, Judge, dismissing their claims that the two-step conversion of defendant National Life Insurance Company of Vermont ("National Life") from a mutual to a stock life insurance company in accordance with Vermont Banking and Insurance Law, see Vt. Stat. Ann. tit. 8, §...
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