Stephen Younger

Patterson Belknap Webb & Tyler LLP

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The First Department Rules that Plaintiff Failed to Allege an Actionable Fiduciary Duty Claim

Last month, the First Department in Madison Sullivan Partners LLC v. PMG Sullivan St., LLC, 2019 N.Y. Slip Op. 04460 (June 6, 2019), affirmed the decision of former Commercial Division Justice Shirley Werner Kornreich that...more

7/12/2019 / Board of Directors , Breach of Duty , Business Judgment Rule , Derivative Suit , Fiduciary Duty , Shareholders

The First Department Reconsiders Approval of a Class Action Settlement

On April 11, 2019, the First Department unanimously affirmed a decision issued by Justice Shirley Werner Kornreich, formerly of the Commercial Division, which denied the plaintiffs’ motion for final approval of a class action...more

4/25/2019 / Breach of Duty , Class Action , Fiduciary Duty , Material Misstatements , Settlement , Shareholder Litigation , Shareholders

Commercial Division Allows Stockholder Challenge to Merger to Proceed Due to Allegations that the Special Committee Had a Conflict...

On May 9, 2018, Judge Barry R. Ostrager of the Commercial Division denied a motion to dismiss a shareholder complaint in the Matter of Handy & Harman Ltd. Stockholder Litig., No. 654747/2017, 2018 BL 172083 (Sup. Ct. May 9,...more

5/25/2018 / Acquisitions , Board of Directors , Breach of Duty , Conflicts of Interest , Fiduciary Duty , Shareholders

Commercial Division Enjoins Xerox-Fujifilm Deal Resulting In Resignation of Xerox’s CEO

On April 27, 2018, Justice Barry Ostrager of the Commercial Division enjoined a no-cash transaction that would have granted Fujifilm (“Fuji”) a 50.1% controlling interest in Xerox. ...more

5/4/2018 / Board of Directors , Breach of Duty , Business Judgment Rule , Derivative Suit , Fiduciary Duty , Shareholder Litigation , Shareholders

Claims Dismissed Against Successor Transfer Agent Where There Was No Showing Of A Duty Owed To The Investors

In Magna Equities II, LLC et al., v. Writ Media Group Inc., et al., No. 653808/2016, 2017 BL 115243 (N.Y. Sup. Ct March 30, 2017), Justice Peter Sherwood dismissed for lack of jurisdiction and failure to state a claim all...more

4/17/2017 / Common Stock , Conversion Requirements , Failure To State A Claim , Financial Services Industry , Investors , Jurisdiction , Loans , Promissory Notes , Shareholders , Transfers

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