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George Pepperdine Foundation v. Pepperdine
United States Court of Appeals for the Ninth Circuit
271 P.2d 600 (1954)
George Pepperdine (Pepperdine) (defendant) was independently wealthy and founded the George Pepperdine Foundation (the foundation) (plaintiff) with his wealth. Because of Pepperdine’s poor investments and other mismanagement of the foundation’s finances, the foundation lost its $3 million endowment and incurred debt of $525,000. The foundation’s other directors did not question Pepperdine’s decision making even while he was losing the foundation’s money. The foundation sued Pepperdine for damages. The foundation presented no evidence that Pepperdine intentionally mismanaged the finances or gained any personal benefit from the management. The trial court dismissed the complaint. The foundation appealed.
Rule of Law
Holding and Reasoning (Moore, J.)
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