Portnoy v. Memorex Corporation

667 F.2d 1281 Fed. Sec. L. Rep. P 98,466 Leo P. PORTNOY, Plaintiff-Appellant, v. MEMOREX CORPORATION, a California corporation; Bank of America, a National Banking Association; and Bankamerica Foundation, a non-profit California corporation, Defendants-Appellees. No. 79-4769. United States Court of Appeals, Ninth Circuit. Argued and Submitted June 8, 1981. Decided Feb. 4, 1982. R. Barry Churton, Cooper, White & Cooper, San Francisco, Cal., for plaintiff-appellant. Robert A. Padway, W. Reece Bader, San Francisco, Cal., argued, for defendants-appellees; Orrick, Herrington & Sutcliffe, San Francisco, Cal., on brief. Appeal from the United States District Court for the Northern District of California. Before DUNIWAY, ANDERSON, and REINHARDT, Circuit Judges. DUNIWAY, Circuit Judge: 1 In response to Portnoy's complaint, Bank of America N.T. & S.A. and Bankamerica Foundation moved for summary judgment, which was granted. Portnoy appeals, and we affirm.I. The Question Presented. 2 Portnoy's complaint pleads a derivative claim on behalf of Memorex Corporation, of which he is a shareholder. He claims that the Bank and the Foundation are liable to Memorex under Section 16 of the…