District Court, E.D. Texas November 17, 1988, Civ. A. B-86-1259-CA (Schautteet v. Chester State Bank)

MEMORANDUM

COBB, District Judge.

The issue before the court is whether intervenor, Mann Trust, has stated a non-derivative claim for which relief may properly be granted. Put another way, does Texas law give Mann Trust, as a minority shareholder in Chester State Bank, a direct cause of action against each defendant?

BACKGROUND

On November 22,1985, the Chester State Bank failed, and the F.D.I.C.