- An “accounting” is an equitable remedy which allows the court to determine the extent of a misallocation of expenses and the damages resulting therefrom when there is fiduciary relationship between the parties.
In re Maxim Integrated Products, Inc., Deriv. Lit., 574 F.Supp.2d 1046 (N.D.Cal.,2008)(citing Carlson v. Hallinan, 925 A.2d 506, 538 n. 211-12 (Del.Ch.2006)).
- “Since officers and directors are fiduciaries of a corporation, the duties they owe with respect to the exercise of their legal power over corporate property supervene their legal rights. McMahon v. New Castle Associates, 532 A.2d 601, 604 -605 (Del.Ch.1987). Therefore, they may be required to account for their stewardship over corporate property. Id.”
In re Maxim Integrated Products, Inc., Deriv. Lit., 574 F.Supp.2d 1046 (N.D.Cal.,2008).
- Not an independant action
Plaintiff also makes a claim for an inspection and accounting, but he fails to establish any legal basis for such a claim. As one court has noted, a claim for accounting must be “tethered to relevant actionable claims.” Hafiz v. GreenPoint Mortgage Funding, Inc., 652 F.Supp.2d 1039, 1043-44 (N.D.Cal.2009).
Simon v. Bank of America, N.A., Case No. 10-cv-00300-GMN-LRL, 2010 WL 2609436, *11 (D. Nev. 2010).