Felzen v. Andreas
United States Court of Appeals for the Seventh Circuit
134 F.3d 873 (1998)
- Written by Douglas Halasz, JD
Facts
Paul Felzen and other shareholders (plaintiffs) of Archer Daniels Midland Co. (Archer) (defendant) filed a derivative suit against Archer and its managers (defendants). The lawsuit alleged that the managers conspired with rival sellers in a manner that exposed Archer to criminal and civil liability. The district court entered a judgment approving a settlement agreement entered into by the parties. Two shareholders of Archer, who did not intervene in the derivative suit, attempted to appeal the judgment on the grounds that the settlement did little to promote sound management of the corporation and resulted in substantial funds to be paid to the parties’ legal counsel. The two shareholders argued that the appellate court should hear their appeal because the district court rendered an erroneous decision.
Rule of Law
Issue
Holding and Reasoning (Easterbrook, J.)
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