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HERZOG v. RUSSELL

No. 71 C 1704.

483 F.Supp. 1346 (1979)

Alvin HERZOG, Plaintiff, v. Philip A. RUSSELL, Harris J. Ashton, Charles B. Johnson, Edmund H. Kerr, Edwin C. McDonald, Franklin Distributors, Inc. and Franklin Custodian Funds, Inc., Defendants.

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

December 17, 1979.

Attorney(s) appearing for the Case

Ira Jay Sands, New York City, for plaintiff.

Cole & Dietz, New York City by Albert D. Jordan, New York City, for defendants Charles B. Johnson and Franklin Distributors, Inc.

Leslie Kirsch, New York City, for defendants Philip A. Russell and Harris J. Ashton.

MEMORANDUM DECISION

SIFTON, District Judge.

A trial in the above action was held in April 1979. The following constitutes the Court's findings of fact and conclusions of law pursuant to Fed.R.Civ.P. 52(a).

This is a derivative action brought by Alvin Herzog, a shareholder since August 18, 1969, of defendant, Franklin Custodian Funds, Inc. (the "Fund"), on behalf of and for the benefit of the Fund. The action was begun in 1971. The named defendants...

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