Opinion ID: 589636
Heading Depth: 3
Heading Rank: 3

Heading: Interest or Dividends Pending Auction

Text: 33 The district court also refused to permit plaintiffs to amend their complaint to assert a claim for interest or dividends under § 215. The court ruled that such an amendment would be futile because the plaintiffs had failed to state a claim upon which relief could be granted. See XI R. (Pleadings) Doc. 245, at 26-28. 34 We agree that as a matter of law this amendment would have been futile because § 215 does not provide the remedy sought. The district court correctly rejected plaintiffs' assertion that the Holding Company should have issued the stock and held it in trust until the sale. By its terms,  § 215(d) does not require issuance, as of the date that dissenting shareholders surrender their shares, of stock that is to be sold at auction under the statute. Section 215(d) also does not require interest to be paid on the stock during the pendency of the appraisal. Id. at 27; see also Keeffe v. Citizens & Northern Bank, 808 F.2d 246, 252 (3rd Cir.1986) (creation of such remedies must lie with Congress); Yabsley v. Conover, 644 F.Supp. 689, 697 (N.D.Ill.1986) (parallel statute and implementing regulations do not create an expectation of an interest award). 35 Accordingly the district court properly refused to allow plaintiffs to proceed on their claim for dividends and interest.