Louis K. Liggett Co. v. Lee
Louis K. Liggett Co. v. Lee, 288 U.S. 517 (1933), is a corporate law decision from the United States Supreme Court.[1]
| Louis K. Liggett Co. v. Lee | |
|---|---|
 | |
| Argued January 12–13, 1933 Decided March 13, 1933 | |
| Full case name | Louis K. Liggett Co., et al. v. Lee, Comptroller, et al. |
| Citations | 288 U.S. 517 (more) 53 S. Ct. 481; 77 L. Ed. 929; 1933 U.S. LEXIS 51; 85 A.L.R. 699 |
| Case history | |
| Prior | Appeal from the Supreme Court of Florida |
| Court membership | |
| |
| Case opinions | |
| Majority | Roberts, joined by Hughes, Van Devanter, McReynolds, Sutherland, Butler |
| Dissent | Brandeis |
| Dissent | Cardozo, joined by Stone |
Background
The case involved retail business taxes in the Florida being based on the number of stores and not the value or sales of the stores.
Decision
Justice Brandeis agreed with the race to the bottom theory of corporate law, proposed by Adolf Berle and Gardiner Means in The Modern Corporation and Private Property (1932)
See also
- US corporate law
- UK company law
External links
- Text of Louis K. Liggett Co. v. Lee, 288 U.S. 517 (1933) is available from: Cornell CourtListener Findlaw Google Scholar Justia Library of Congress
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