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JEFFERSON-PILOT FILES MOTION TO DISMISS DERIVATIVE SUIT

 JEFFERSON-PILOT FILES MOTION TO DISMISS DERIVATIVE SUIT
 GREENSBORO, N.C., June 17 /PRNewswire/ -- Jefferson-Pilot


Corporation (NYSE: JP) today filed a motion to dismiss dissident shareholder Louise Price Parsons' derivative suit, saying the suit was barred by the shareholders' vote at the 1992 annual meeting and that Parsons' continuing efforts to take control of Jefferson-Pilot give her an "ulterior motive" that makes her inadequate to represent the shareholders.
 In the derivative suit, filed May 4, Parsons seeks to represent Jefferson-Pilot shareholders and to pursue claims relating to the shareholders' 1990 adoption of a stock grant plan. In a derivative suit, a single shareholder seeks to assert claims on behalf of a corporation. Before allowing the shareholder to proceed, the court must determine that she will "fairly and adequately represent" the shareholders' interests.
 In the motion to dismiss, Jefferson-Pilot argued that the shareholders' 1992 vote was a rejection of Parsons' contentions. "There is no point in allowing this litigation to continue when the majority of Jefferson-Pilot's shareholders, acting with full disclosure, have in effect found that the litigation is inconsistent with the best interests of the corporation," the motion said.
 "The shareholders have spoken, but Mrs. Parsons refuses to listen," a spokesman said. "We're asking the court to throw out this suit that the shareholders clearly do not support."
 Jefferson-Pilot's motion also stated that the shareholders had "a unique opportunity to decide for themselves" whether Parsons would properly represent their interest because they voted on her 1992 candidacy for the company's board of directors. Parsons was rejected by the shareholders, receiving a low percentage of the votes cast. "There can be no better evidence than this vote of the shareholders to show that they do not view Parsons as a fair and adequate representative of their interest," the spokesman said.
 The company views Parsons' latest -- and fourth -- suit, filed yesterday, challenging the results of the 1992 proxy contest, as another attempt to thwart the shareholders' will. Jefferson-Pilot will respond to the new suit separately, its spokesman said.
 -0- 6/17/92
 /CONTACT: William Chenoweth of Jefferson-Pilot, 919-691-3390/
 (JP) CO: Jefferson-Pilot Corporation ST: North Carolina IN: INS SU:


GK -- NY059 -- 1154 06/17/92 14:45 EDT
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Publication:PR Newswire
Date:Jun 17, 1992
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