Schrag v. Dinges

825 F. Supp. 954 (1993)

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Schrag v. Dinges

United States District Court for the District of Kansas
825 F. Supp. 954 (1993)

MP

Facts

Major corporate shareholders (plaintiffs) sued corporate and financial-institution officers and directors (defendants) in the United States District Court for the District of Kansas for Racketeer Influenced and Corrupt Organizations Act (RICO) violations arising out of the corporation’s purchase option for a country-club complex. A related management agreement promised the purchase option would not further encumber the complex. Three defendants (movants) moved for summary judgment and challenged the shareholders’ standing to assert the RICO claims. Shareholders argued that because they were parties to the management agreement and shareholders, the movants owed and breached a special duty to them, thus making them proper parties to bring the RICO claims.

Rule of Law

Issue

Holding and Reasoning (Theis, J.)

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