Barth v. Barth

659 N.E.2d 559 (1995)

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Barth v. Barth

Indiana Supreme Court
659 N.E.2d 559 (1995)

  • Written by John Caddell, JD
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Facts

Barth Electric Co. (defendant) was a closely held corporation. Michael Barth (defendant) was its president and majority shareholder, owning 51 percent of the company. Robert Barth (plaintiff) was a minority shareholder, owning 29.8 percent. Robert, as an individual, brought suit against the defendants for taking certain actions that reduced the value of his stock. The defendants filed a motion to dismiss on the grounds that (1) a shareholder derivative action was required to redress Robert’s claims and (2) Robert could not maintain an action in his own name. The trial court granted the defendants’ motion to dismiss. The court of appeals reversed. The defendants appealed.

Rule of Law

Issue

Holding and Reasoning (Sullivan, J.)

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Casebooks

Business Associations

Business Organizations

Key Terms

  • Shareholder Derivative SuitA lawsuit in which one or more shareholders of a corporation sue to assert a claim on behalf of the corporation itself or the shareholders at large, usually because the corporation has failed to assert the claim. An example of a shareholder derivative suit is a claim for usurping a corporate opportunity or other breach of fiduciary duty to the corporation. A shareholder derivative suit may also be called a shareholder derivative action.
  • Close CorporationA corporation in which all of the stock is held by only a few individuals, who usually have a close connection to the business of the corporation.

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