"The Washington Federal Plaintiffs’ claims fall much more comfortably in the category of direct claims—rather than the Procrustean bed of the derivative suit mechanism—and the shareholders are best positioned to seek redress for the Government’s nullification of their rights in the Companies. The alleged harm suffered by the shareholders is not dependent on the Companies being harmed. On the contrary, the Companies could have thrived under Government control, but their shareholders still would not have received any benefit. “An action in which the holder can prevail Case: 20-2190 Document: 11 Page: 45 Filed: 11/19/2020 - 36 - 010347-11/1391430 V1 without showing an injury or breach of duty to the corporation,” as here, “should be treated as a direct action that may be maintained by the holder in an individual capacity.”
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