Proctor v. Vishay Intertechnology Inc., No. 07-16527

In a derivative action against a corporation's majority shareholder claiming that defendant misappropriated the company's assets and breached its fiduciary duties to the company and the other shareholders, dismissal of the action is affirmed in part where the action was subject to removal under the Securities Litigation Uniform Standards Act and removal was timely and procedurally proper.  However, the order is reversed in part where the district court erroneously gave effect to a Delaware state court injunction.

Read Proctor v. Vishay Intertechnology Inc., No. 07-16527

Appellate Information

Argued and Submitted February 10, 2009

Filed October 9, 2009

Judges

Opinion by Judge Berzon

Counsel

For Appellants:

Maxwell M. Blecher and James Robert Noblin, Los Angeles, CA

James A. Hennefer, San Francisco, CA

For Appellee:

Peter A. Wald and David M. Friedman, San Francisco, CA

J. Andrew Heaton, Washington, DC