Printer Friendly

JUDGE DISMISSES SUIT AGAINST MICHIGAN NATIONAL

 JUDGE DISMISSES SUIT AGAINST MICHIGAN NATIONAL
 FARMINGTON HILLS, Mich., Feb. 19 /PRNewswire/ -- The following was


released today by Michigan National Corporation (NASDAQ-NMS: MNCO):
 A defamation suit filed by former Michigan National Corporation Chairman Stanford C. Stoddard, against the bank holding company and its Senior Vice President, General Counsel and Secretary Lawrence L. Gladchun, alleging $20 million in damages has been summarily dismissed by Judge Barry Howard of Oakland County Circuit Court. The suit originally named the individual directors of the company as defendants but Judge Howard earlier ruled that they were not proper parties to the suit.
 In his suit, Stoddard claimed that certain statements made to The Detroit News on Feb. 9, 1990, attributed to Gladchun, had defamed him. Gladchun was quoted as saying:
 "There's zero chance that the board of directors would
 consider any position for Mr. Stoddard at Michigan
 National...
 The board had good reason to request his (Stoddard's)
 resignation. Nothing has come to light to change
 their (the board of directors') opinion.
 We're opposing (payment) (in the Stoddard indemnification
 suit) on the grounds that he (Stoddard) acted outside
 the interests of the company... Basically, we're using
 'bad faith' as a defense."
 The stated rationale for the $20 million damage claim, as set forth in court papers filed by Stoddard, was that the circulation of The Detroit News is 1 million subscribers and Stoddard should receive $20 per subscriber.
 Judge Howard ruled that these statements were clearly not actionable. The court adopted as its opinion a 35-page recommendation by former Circuit Court Judge Norman Lippitt who functioned as a special expert in this matter, describing it as a thorough and very well- reasoned analysis of the law of defamation and its application to the facts of this case.
 -0- 2/19/92
 /CONTACT: Ariadne Magoulias of Michigan National, 313-473-3428/
 (MNCO) CO: Michigan National Corporation ST: Michigan IN: FIN SU:


ML -- DE024 -- 0620 02/19/92 16:28 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 19, 1992
Words:321
Previous Article:O'SHEA TO DIRECT SALES CENTER FOR KAYSER-ROTH CORPORATION
Next Article:ANALYTICAL SURVEYS RECEIVES NEW CONTRACTS BRINGING BACKLOG TO HIGHEST LEVEL IN COMPANY HISTORY
Topics:


Related Articles
BENIHANA NATIONAL SUES PLAINTIFFS IN SETTLED STRIKE SUIT
Michigan Ruling Dismisses The Dow Chemical Company From Silicone Breast Implant Lawsuits; Becomes Third State to Grant Dow Summary Judgment on all...
$31,957.92 Fine Issued Against Sanit-Air for Filing Vendetta Suit, Announces Mantese Miller and Mantese P.L.L.C. Representing Safety King, Inc.
RICO Case Dismissed Against BNC National Bank.
The Big Gets The Go-Ahead.
Sixth Circuit Court Overturns Lower Court Decision Favoring Taco Bell, Revives Lawsuit over Creative Ownership of Chihuahua Mascot, Reports Warner...
Industry prevails! Courts continue to toss junk lawsuits.
Kinkade Loses 'Eavesdropping' Suit Against Attorneys who Successfully Sued Artist and His Company for Fraud.
Blue Cross Wins in Court.
US judges can demand removal of Muslim face veil.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters