Avikian

Toros Avikian, Andre Horasanian, Peggy Jean Biales (as trustee for the Biales Family Trust dated September 24, 1988), Marion Dore, Harold Humphrey, Robert Maclssac, and Edward Jowdy appeal from the judgment dismissing their consolidated complaints and the order requiring them to pay fees and costs. They contend the dismissal of their complaints was improperly based upon the conclusion their claims were precluded by a restraining order issued in a proceeding initiated by the Insurance Commissioner to liquidate World Title Company, a title insurance company (World). We conclude the trial court was correct and the judgment must be affirmed.

Appellants allege they are shareholders of World, and the gravamen of their complaints is the assertion that defendants mismanaged or looted the assets of World, culminating in its involuntary liquidation. Consequently, all of appellants’ proposed claims are derivative in nature, and constitute claims made on behalf of World itself. Under the terms of the restraining order, such claims are vested in the liquidator (i.e., the Insurance Commissioner), and appellants were in violation of that order when they purported to bring them.

We…