If a stockholder had a case against his directors, a good court in which to bring suit would be Ferdinand Pecora's in Manhattan. That quick-witted, onetime inquisitor for the Senate Banking & Currency Committee could undoubtedly recall without recourse to the record at least one parallel case from his rich experience in Washington. Last week stockholders who were suing the directors of Industrial Finance Corp., parent of Morris Plan banks, did receive a decision from bushy-haired New York Supreme Court Justice Ferdinand Pecora. The issue to him was plain.
In the late 19205...
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