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VILLARI v. MOZILO

No. B231432.

208 Cal.App.4th 1470 (2012)

146 Cal. Rptr. 3d 556

JOSEPH VILLARI, Plaintiff and Appellant, v. ANGELO R. MOZILO et al., Defendants and Respondents. NEW JERSEY CARPENTERS PENSION FUND, Plaintiff, v. ANGELO R. MOZILO et al., Defendants. TEAMSTERS LOCAL 456 ANNUITY FUND, Plaintiff, v. ANGELO R. MOZILO, et al., Defendants.

Court of Appeals of California, Second District, Division Three.

August 30, 2012.

Attorney(s) appearing for the Case

Robbins Umeda , Brian J. Robbins , Kevin A. Seely and Arshan Amiri for Plaintiff and Appellant.

O'Melveny & Myers, Seth Aronson , Matthew W. Close , Bradley J. Butwin , Jonathan Rosenberg and William J. Sushon for Defendant and Respondent Bank of America Corporation.

No appearance for Defendants and Respondents Angelo R. Mozilo , David Sambol , Eric P. Sieracki , Henry G. Cisneros , Jeffrey M. Cunningham , Roberto J. Donato , Martin R. Melone , Robert T. Parry , Oscar P. Robertson , Keith P. Russell and Harley W. Snyder.

OPINION

CROSKEY, J. —

Delaware's continuous ownership rule requires a plaintiff in a shareholder derivative action to retain stock ownership for the duration of the litigation. A plaintiff who ceases to be a shareholder as a result of a merger, or for any other reason, loses standing to maintain a derivative action. The Delaware Supreme Court has stated in several opinions, however, that a former shareholder will retain standing to maintain...

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