Joann Holmes and Mitch Gregoroff, Appellants and Cross-Appellees v. Kane Wolf, Carole Pagano, and Frank Grant…

Summary

The court affirmed all challenged superior-court rulings in the shareholders’ action against three Leisnoi directors. It held that the plaintiffs’ derivative claims were properly dismissed for failure to post the required increased security, that statutory duties assigned to the corporation or its full board could not be enforced against only three directors, and that the directors breached their fiduciary duty only by failing to inquire into the federal audit requirement. The court also upheld the denial of nominal damages and the refusal to bar corporate indemnification. No separate opinions were issued.