jones v. h.f. ahmanson & company 1 cal 3d 93 460 p2d course hero

1 Theretofore it had been owned by its depositors, who, with borrowing members, elected the board of directors. United Savings and Loan Association of California is a California chartered savings and loan association that first issued stock on April 5, 1956. The following facts appear from the allegations of the complaint and stipulation. We have concluded that the allegations of the complaint and certain stipulated facts sufficiently state a cause of action and that the judgment must therefore be reversed. Defendants have filed a protective cross-appeal. Plaintiff appeals from the judgment entered for defendants after an order sustaining defendants' general and special demurrers to her third amended complaint without leave to amend. Plaintiff seek damages and other relief for losses allegedly suffered by the minority stockholders of the Association because of claimed breaches of fiduciary responsibility by defendants in the creation and operation of United Financial, a Delaware holding company that owns 87 percent of the outstanding Association stock. The defendants are United Financial Corporation of California, fifteen individuals, and four corporations, all of whom are present or former stockholders or officers of the Association.

Jones, the owner of 25 shares of the capital stock of United Savings and Loan Association of California brings this action on behalf of herself individually and of all similiarly situated minority stockholders of the Association. Lichtig, Mitchell, Silberberg & Knupp and Howard S. John Kennedy for Plaintiff and Respondent.Įdward M. Separate dissenting opinion by McComb, J.)ĭarling, Mack, Hall & Call and W.

J., with Peters, Tobriner, Burke, Sullivan, JJ., and Coughlin, J. AHMANSON & COMPANY et al., Defendants and Appellants.

Jones v. h.f. ahmanson & company 1 cal 3d 93 460 p2d course hero