a judicial proceeding whereby one party prosecutes another for a wrong done, or from protection of a right or prevention of a wrong; at common law, to be distinguished from an action in equity which could not be brought before the law courts but only before a court of equity.
See collusive action; derivative action; penal action.
Congratulations! You're now Froogled Up™ on what "Action" means!
Feel free to use it throughout your financial/insurance life.
