Bixler v. Foster
Bixler v....(U.S. 10th Cir., Civil Procedure, Corp. Governance, Corporation & Enterprise Law, Injury And Tort Law, Securities Law) In an action by minority shareholders of a corporation against its directors and lawyers, alleging that defendants violated the civil Racketeer Influenced and Corrupt Organizations Act (RICO), when they arranged to transfer the company’s assets to an Australian corporation, dismissal of the complaint is affirmed where: 1) plaintiffs lacked standing under RICO to assert shareholder derivative claims; 2) allegations of securities fraud did not establish predicate acts under RICO; and 3) the “continuity” requirement of RICO was not satisfied by the allegations in the complaint.
