Rains v. Jones, No. 17-2759 (8th Cir. 2018)Annotate this Case
Six siblings dispute over ownership and control of OKISDA, a family corporation their mother established. The district court concluded that nearly all the claims hinge on whether the transfer of Class A stock from the mother's trust to defendant was valid.
The Eighth Circuit affirmed the district court's grant of summary judgment to defendants and dismissal of all the claims. The court held that transfer of two Class A shares did not violate the transfer restriction of OKISDA's bylaws. Furthermore, the validity of the stock transfer established that plaintiffs' other claims were foreclosed.