Opinion ID: 781612
Heading Depth: 3
Heading Rank: 5

Heading: Salovaara v. Jackson Nat'l Life Ins. Co. (D.N.J.): Jackson Life

Text: 19 Salovaara then sued Jackson National Life Insurance, the party that had bought the securities in dispute in Hindes, in federal court in New Jersey. Salovaara v. Jackson Nat'l Life Ins. Co., 66 F.Supp.2d 593 ( Jackson Life ). The complaint was again styled as a derivative action brought on behalf of the Fund and various SSP entities. The district court (Hughes, M.J. ) granted defendants' motion for summary judgment on July 1, 1999. Jackson Nat'l Ins. Co., 66 F.Supp.2d 593, 606-07 (D.N.J. 1999), aff'd 246 F.3d 289 (3d Cir.2001). The court found that Salovaara was not an adequate representative of the funds and partnerships on whose behalf he sought to act, because he was actually antagonistic to South Street's interests due to the numerous pending cases against South Street officers and directors. 66 F.Supp.2d at 603, 606-07. 20