Parklane Hosiery Co. v. Shore

After the SEC obtained a declaratory judgment, following a nonjury trial affirmed on appeal, that Parklane's proxy statement was materially false and misleading, a separate stockholder plaintiff who had not participated in the SEC action sought partial summary judgment estopping Parklane from relitigating that same falsity issue in her own securities class action, and Parklane argued this offensive use of estoppel would improperly deny it a jury trial.