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BURKS v. LASKER

No. 77-1724.

441 U.S. 471 (1979)

99 S.Ct. 1831

60 L.Ed.2d 404

BURKS ET AL. v. LASKER ET AL.

Supreme Court of United States.

Decided May 14, 1979.

Attorney(s) appearing for the Case

Daniel A. Pollack argued the cause for petitioners. With him on the briefs were Martin I. Kaminsky, Leonard Joseph, John M. Friedman, Jr., Eugene P. Souther, and Anthony R. Mansfield.

Joseph H. Einstein argued the cause for respondents. With him on the brief were Steven Mallis, Leonard Holland, and David J. Sweet.

Ralph C. Ferrara argued the cause for the Securities and Exchange Commission as amicus curiae urging reversal. With him on the brief were Solicitor General McCree, Stephen M. Shapiro, and Jacob H. Stillman.*

MR. JUSTICE BRENNAN delivered the opinion of the Court.

The question presented in this case is whether the disinterested directors of an investment company may terminate a stockholders' derivative suit brought against other directors under the Investment Company and Investment Advisers Acts of 1940, 15 U. S. C. § 80a-1 et seq.; 15 U. S. C. § 80b-1 et seq. To decide that question, we must determine the appropriate roles of federal and state...

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