UNIÓN DE EMPLEADOS DE MUELLES DE PUERTO RICO PRSSA WELFARE PLAN, individually and on behalf of all others similarly situated, and derivatively on behalf of Puerto Rico Fixed Income Fund II, Inc., Puerto Rico Fixed Income Fund III, Inc., Puerto Rico Fixed Income Fund IV, Inc., and Tax-Free Puerto Rico Fund II, Inc., Unión de Empleados de Muelles de Puerto Rico AP Welfare Plan, individually and on behalf of all others similarly situated, and derivatively on behalf of Puerto Rico Fixed Income Fund II, Inc., Puerto Rico Fixed Income Fund III, Inc., Puerto Rico Fixed Income Fund IV, Inc., and Tax-Free Puerto Rico Fund II, Inc., Plaintiffs, Appellants,
v.
UBS FINANCIAL SERVICES INC. OF PUERTO RICO; UBS Trust Company of Puerto Rico; Miguel A. Ferrer; Carlos V. Ubiñas; Stephen C. Roussin; Leslie Highley, Jr.; Mario S. Belaval; Agustín Cabrer-Roig; Gabriel Dolagaray-Balado; Carlos Nido; Luis M. Pellot-González; Vicente J. León; Clotilde Pérez; Does 1 through 100, Defendants, Appellees,
v.
Puerto Rico Fixed Income Fund II, Inc.; Puerto Rico Fixed Income Fund III, Inc.; Puerto Rico Fixed Income Fund IV, Inc.; Tax-Free Puerto Rico Fund II, Inc., Nominal Defendants.
United States Court of Appeals, First Circuit.https://leagle.com/images/logo.png
Rafael Escalera Rodríguez , Pedro Santiago , and Reichard & Escalera on brief for appellees Mario S. Belaval, Agustín Cabrer-Roig, Gabriel Dolagaray-Balado, Carlos Nido, Luis M. Pellot-González, Vicente J. León, and Clotilde Pérez.
Before HOWARD, LIPEZ, and THOMPSON, Circuit Judges.
United States Court of Appeals, First Circuit.
LIPEZ, Circuit Judge.
A shareholder derivative action permits a shareholder of a corporation to bring suit to enforce rights the corporation is unable or unwilling to enforce on its own behalf. See Kamen v. Kemper Fin. Servs., Inc.,500 U.S. 90, 95, 111 S.Ct. 1711, 114 L.Ed.2d 152 (1991). However, to prevent abuse of this procedural device, a shareholder seeking to assert a cause of action belonging to the corporation must state...
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