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Dodge v. Ford Motor Co., 170 N.W.668
The Michigan Supreme Court reviewed Ford Motor’s Decision to discontinue paying a special $10 million dividend, ostensible to pay for a new
smelting plant while reducing the price of Ford cars. Minority
shareholders claimed the decision was inconsistent with the fundamental purpose of the business corporation –to maximize the return to
shareholders. The court agreed and faulted Henry Ford for reducing car prices and running Ford Motor “not as a business institution.”The court ordered the special dividend, though refused to enjoin Ford’s expansion plans since “judges are not business experts.”
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