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RESERVE MANAGEMENT v. ANCHOR DAILY INCOME FUND

No. 78 Civ. 3826 (KTD).

459 F.Supp. 597 (1978)

RESERVE MANAGEMENT CORPORATION and Argyle Arbitrage, LTD., Plaintiffs, v. ANCHOR DAILY INCOME FUND, INC., Anchor Corporation, Cash Management Trust of America, Capital Research and Management Company, Edward B. Burr, John R. Haire, S. P. Hutchinson, Melvin Intriligator, Leon T. Kendall, Louis F. Laun, Mary S. O'Connor, Charles F. Phillips, Beryl Robichaud, William J. Stephens, and Walter P. Stern, Defendants.

United States District Court, S. D. New York.

September 28, 1978.

Attorney(s) appearing for the Case

Alexander & Green, New York City, for plaintiffs; Robert E. De Right, Jr., Robert L. Osar, New York City, of counsel.

Shearman & Sterling, New York City, for defendant Anchor Daily Income Fund; Richard P. Lasko, New York City, of counsel.

Pollack & Kaminsky, New York City, for defendants Anchor Corp., Burr, Haire, Hutchinson, and Intriligator; Daniel A. Pollack, T. Barry Kingham, Kenneth A. Zitter, New York City, of counsel.

Sullivan & Worcester, Boston, Mass., for defendants Phillips, Laun, O'Connor, Stephens, Kendall, and Robichaud; John A. Dudley, Boston, Mass., of counsel.

White & Case, New York City, for defendants Capital Research and Management Co. and Walter P. Stern; Peter M. Collins, New York City, of counsel.

O'Melveny & Myers, Los Angeles, Cal., for defendant Cash Management Trust of America; Richard C. Warmer, Los Angeles, Cal., of counsel.

OPINION AND ORDER

KEVIN THOMAS DUFFY, District Judge.

This is a case involving the business judgment of the independent directors of a mutual fund who, upon the withdrawal of their management, were faced with the task of investigating and thereafter determining which proposals of prospective managers should be submitted to the fund shareholders for their consideration. Plaintiff, Reserve Management Corporation [hereinafter referred to as "RMC"] is the disappointed...

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