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PLAYFORD v. LOWDER

Civil Action No. 2:09cv182-MHT.

635 F.Supp.2d 1303 (2009)

Robert PLAYFORD, derivatively, on behalf of Colonial BancGroup, Inc., Plaintiff, v. Robert E. LOWDER, et al., Defendants.

United States District Court, M.D. Alabama, Northern Division.

July 20, 2009.

Attorney(s) appearing for the Case

Earl Price Underwood, Jr., Law Offices of Earl P. Underwood, Jr., Fairhope, AL, Marc S. Henzel, Attorney at Law, Bala Cynwyd, PA, Sara E. Collier, William B. Federman, Federman & Sherwood, Oklahoma City, OK, for Plaintiff.

Enrique Jose Gimenez, James Fletcher Hughey, III, Samuel Holley Franklin, Lightfoot Franklin & White LLC, Larry Brittain Childs, Waller Lansden Dortch & Davis LLP, Birmingham, AL, Lea Carol Owen, Waller Lansden Dortch & Davis, LLP, Nashville, TN, for Defendants.

OPINION

MYRON H. THOMPSON, District Judge.

Plaintiff Robert Playford has filed this shareholder-derivative suit on behalf of Colonial BancGroup, Inc., charging that the defendants, certain officers and directors of Colonial, violated Delaware state law when they breached their fiduciary duties to the company and the shareholders, abused their control of the company, committed gross mismanagement and wasted corporate assets. The defendants are also sued for...

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