Friday, December 06, 2019 11:56:04 PM
When controlling management of the company has conflict of interest to act in the best interest of the companies, shareholders can sue on behalf of the companies to force the management to act in the best interest of the companies.
In case of FnF, FHFA conservator is robbing the companies and FHFA conservator is conflicted to act in the best interest of the companies. Since FHFA conservator is controlling the companies, companies can not file case against FHFA conservator.
In such situations shareholders can file cases on behalf of companies against conservator and such cases are called derivative claims.
Since Direct claims have been dismissed, there may be no damages to plaintiffs in CFC. But the regular federal courts may award damages.
Indirect claims may result in reversing NWS and any unlawful decisions.
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