Theodore Brinckerhoff, Suing for Himself and Other Stockholders v. Henry Bostwick, as Receiver…

Summary

The New York Court of Appeals reversed the lower court and held that stockholders may sue directors of a national bank in state court when the receiver refuses to bring an action, that the directors are personally liable for breaches of fiduciary duty, that the state court has jurisdiction over such claims, and that the receiver was improperly joined as a defendant.