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23 May 2010, 3:31 pm
BennettHeld: Under Maryland law and Federal Rule of Civil Procedure 23.1, when a shareholder seeks to pursue a derivative action on behalf of a corporation in receivership, the shareholder must allege with particularity any efforts to have the receiver institute suit or why such efforts would be futile.Facts: Shareholders of companies in receivership, which also were also defendants in litigation, alleged derivative counterclaims on behalf of the companies. [read post]