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Campbell v. Ford Industries Inc.

September 10, 1973

CAMPBELL, APPELLANT,
v.
FORD INDUSTRIES, INC. ET AL, RESPONDENTS



Appeal from Circuit Court, Multnomah County. William M. Dale, Judge.

Charles Robinowitz, Portland, argued the cause and filed the briefs for appellant.

James H. Clarke, Portland, argued the cause for respondents. With him on the brief were Dezendorf, Spears, Lubersky & Campbell, Portland, and Wayne Hilliard and Richard H. Williams, Portland.

In Banc. Tongue, J.

Tongue

This is an action for damages alleged to have resulted from the discharge of plaintiff as an employee of defendant Ford Industries, Inc., as a part of an alleged fraudulent scheme by defendants to force plaintiff to sell his stock as a minority stockholder in that corporation. The damages sought by plaintiff's complaint include loss of earnings and retirement benefits as an employee, loss of plaintiff's professional reputation as a mechanical engineer, and punitive damages.

Plaintiff appeals from an adverse judgment following the entry of an order sustaining defendants' demurrer to plaintiff's complaint for failure to allege facts sufficient to constitute a cause of action.*fn1

Plaintiff's primary contentions are:

1. "The Oregon Securities Law [ORS 59.135] does not allow any person, either directly or indirectly, in connection with the purchase or sale of a security, to employ any device or artifice to defraud another, and this device may include the termination of one's employment where it is a part

of an overall scheme to force another to sell his securities at a depressed price."

2. "Majority stockholders * * * have a fiduciary duty to minority stockholders preventing them from using their ...


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