Parklane Hosiery Co. v. Shore
439 U.S. 322 (1979)
Nature Of The Case
This section contains the nature of the case and procedural background.
Facts
The SEC sued Parklane (D) for issuing a materially false and misleading proxy statement. The district court in that action ruled in favor of the SEC and it entered a declaratory judgment against D. D was found guilty without a jury trial. Shore (P) and other shareholders had brought a class action suit for damages, rescission of a merger, and recovery of costs prior to the SEC action. After the SEC results were in, P moved for a summary judgment. P argued that collateral estoppel precluded D from relitigating the proxy statement issue which had been resolved against D in the SEC action. The district court held that collateral estoppel would deny D its constitutional right under the Seventh Amendment to a jury trial. The court of appeals reversed. D appealed.
Issues
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Holding & Decision
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Legal Analysis
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