California Court of Appeal

ResetAA Font size: Print

Busse v. United Panam Financial Corp., G046805

Dismissal of an action brought by plaintiff-minority shareholders for "rescissionary damages" based on breach of fiduciary duty by defendants with respect to a proposed buyout of defendant-company, is: 1) affirmed in part, where under Corporations Code section 1312(b), in common control situations, dissenting minority shareholders have the remedy of appraisal unless they elect the remedy of stopping or rescinding the reorganization but they do not have any right to sue for damages for breach of fiduciary duty; but 2) reversed in part and remanded, where plaintiffs have never withdrawn their alternative request to set aside the merger.

Appellate Information

  • Decided 01/08/2014
  • Published 01/08/2014

Judges

  • BEDSWORTH

Court

  • California Court of Appeal

Counsel


FindLaw Career Center

    Select a Job Title


      Post a Job  |  Careers Home

    View More