Fed. Sec. L. Rep. P 98,000 Ora E. Gaines v. D. J. Haughton, Lois A. And James Fitzpatrick v. D. J. Haughton

Caution

645 F.2d 761

United States Court of Appeals for the Ninth CircuitJuly 10, 198179-3336, 79-3516California9,606 words

Opinion

Ely, J.

Ora E. Gaines, the plaintiff-appellant herein, appeals from an order of dismissal and summary judgment for defendants (Lockheed Aircraft Corporation and a number of former and present directors and officers of Lockheed) in a shareholder lawsuit alleging both derivative claims of breach of fiduciary duty/waste of corporate assets and class action claims of federal securities violations. Gaines assigns a variety of errors by the District Court and seeks partial summary judgment and/or remand.

FACTS

From as early as 1961 to as late as 1975, Lockheed engaged in the practice of hiring “consultants” and “foreign sales agents” and paying them large fees and commissions in connection with foreign sales of Lockheed aircraft and equipment. Approximately $30-38 million was paid directly to foreign governments and officials during this period. Shortly after the existence of these clandestine, “off the books” questionable payments was revealed by Securities and Exchange Commission (SEC) and United States Senate proceedings in July-August 1975, Gaines — an individual Lockheed shareholder — commenced his lawsuit in the United States District Court for the Central District of California.…

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Parties

Ora E. GAINES-
Plaintiff
D. J. HAUGHTON-
Defendant

Judges

Ely
Farris
Solomon

Cites (57)

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