United States Ninth Circuit

In consolidated cases arising out of a corporate dispute between majority and minority shareholders over the minority right to elect certain directors to a company's board of directors, a judgment finding defendants liable for breach of fiduciary duty is affirmed over their claims that plaintiffs lacked standing to sue as assignees of a corporate claim and that their breach of fiduciary duty claims were preempted by federal bankruptcy law and barred by res judicata. Plaintiffs' cross-appeal of damages and determination that they lacked standing to assert claims of minority shareholders is rejected, as is their challenge to a refusal to entertain their Rule 60(b) motion for post-judgment relief. In a related case, an order affirming a bankruptcy court decision in an adversary proceeding is affirmed.

Appellate Information

• Decided 03/02/2007
• Published 03/02/2007

Judges

• BETTY B. FLETCHER, Circuit Judge., Before: B. FLETCHER and MARSHA S. BERZON, Circuit Judges, and DAVID G. TRAGER, Senior District Judge.

Court

• United States Ninth Circuit

Counsel

• For Appellees:
  
• Robin Meadow (argued), Alison M. Turner, Eric R. Cioffi, Cynthia E. Tobisman, Greines, Martin, Stein & Richland LLP, Los Angeles, CA, and William McGrane, Maureen A. Harrington, McGrane, Greenfield, Hannon & Harrington, San Francisco, CA, for defendants-appellants-cross-appellees-intervenors Yageo Corp., Yageo Holding (Bermuda) Ltd., An-Ehr Chen, Yan Sheng Chan, Cheng-Ling Lee, and Pierre Chen., Rodney R. Patula (argued), Eric G.S. Marcks, Daniel T. Balmat, and Penn A. Butler, Squire, Sanders & Dempsey LLP, San Francisco, CA, for plaintiffs-appellees-cross-appellants and plaintiffs-appellants Dux Capital Management Corp. and Jerry Davis., Merle C. Meyers (argued), Kathy L. Quon, Goldberg, Stinnett, Meyers & Davis, San Francisco, CA, for defendant-appellee E. Lynn Schoenmann., K. John Shaffer, Stutman, Treister & Glatt, PC, Los Angeles, CA, for cross-appellee-intervenor Rextron International Ltd., Iain A. Macdonald, MacDonald & Associates, San Francisco, CA, for appellee George Chen., Jon R. Vaught, Vaught & Bourtris LLP, Oakland, CA, for cross-appellees Equity Plus Securities, Ltd., Rex Y.C. Yang, and Wen-Chin Yeh.