3rd Circuit Affirms: Pa. Federal Court Is Wrong Venue For Shareholder Suit

PHILADELPHIA - Finding that shareholders bringing a derivative lawsuit against a pair of corporations and certain of their directors and officers failed to rebut evidence demonstrating that no substantial part of the acts or omissions giving rise to the suit occurred in Pennsylvania, a Third Circuit U.S. Court of Appeals panel on Jan. 23 affirmed that a Pennsylvania federal court was not a proper venue for the suit (Paul Bockman, et al. v. First American Marketing Corporation, doing business as Kaehall Estate Planning Coordinators, No. 11-2408, 3rd Cir.; 2012 U.S. App. LEXIS 1293). Full story on lexis.com