Title: In re AMERCO Derivative Litigation
Citation: 127 Nev. Adv. Op. No. 17
Docket Number: 
State: Nevada
Issuer: Nevada Supreme Court
Date: May 12, 2011

In re AMERCO Derivative Litigation Annotate this Case Justia Opinion Summary The Shoen family controls AMERCO. AMERCO engaged in numerous business transactions with SAC entities, which are real estate holding companies controlled by AMERCO shareholder and executive Mark Shoen. Based on several of those transactions, Appellants-Shareholders filed an underlying shareholder derivative lawsuit against AMERCO’s former and current directors and the SAC entities, primarily for breach of fiduciary duty. However, appellants failed to make a demand for corrective action on AMERCO’s board of directors. Subsequently, AMERCO moved to dismiss the lawsuit. Appellants appealed, and the Supreme Court reversed that decision and remanded the case for further proceedings. On remand, the district court again granted AMERCO’s motion to dismiss, this time because of a settlement agreement that dated back to 1995 in which shareholders agreed not to bring shareholder derivative lawsuits against AMERCO. Appellants sought the Supreme Court’s review of the district court’s second dismissal of their case. They asked whether the settlement bars their present lawsuit against AMERCO. The Supreme Court found that the settlement does not bar Appellants’ case. The Court again reversed the district court’s decision, and remanded the case for further proceedings. Read more Want to stay in the know about new opinions from the Supreme Court of Nevada? Sign up for free summaries delivered directly to your inbox. Learn More › You already receive new opinion summaries from Supreme Court of Nevada. Did you know we offer summary newsletters for even more practice areas and jurisdictions? Explore them here . Download PDF