Wells v. Penney Company

250 F.2d 221 Harvey L. WELLS and Harry J. Albertsen, on behalf of themselves, and others similarly situated, Appellants, v. J. C. PENNEY COMPANY, a corporation, and The Chase Manhattan Bank, a corporation, successor in interest to the Chase National Bank of the City of New York, Appellees. No. 15125. United States Court of Appeals Ninth Circuit. November 20, 1957. 1 COPYRIGHT MATERIAL OMITTED COPYRIGHT MATERIAL OMITTED King, Miller, Anderson, Nash & Yerke, Ralph H. King, Frederic A. Yerke, Jr., Paul R. Meyer, Portland, Or., for appellants. 2 Koerner, Young, McColloch & Dezendorf, Clarence J. Young, Wayne Hillard, Portland, Or., Pell, Butler, Curtis & LeViness, W. H. Dannant Pell, Henry Stone, C. Robert Roll, New York City, for appellees. 3 Before STEPHENS, Chief Judge, BARNES, Circuit Judge, and LINDBERG, District Judge. 4 LINDBERG, District Judge. 5 Appellants 1 brought this action against appellees attacking the J. C. Penney Company Profit-Sharing Retirement Plan (for Management Staff), hereinafter referred to as "Plan" on the ground that such Plan so far as it pertains to the awarding of capital stock of the J. C. Penney Company, hereinafter referred to as "Penney",…