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DUANE v. MENZIES

144 A.2d 229 (1958)

James J. DUANE, Jr. and Margaret W. Duane, doing business under the firm name and style of James J. Duane & Co., Thomas B. Hand, Gino Treves and Peter G. Treves, suing individually as stockholders of Servel, Inc., on behalf of themselves and all other stockholders of Servel, Inc., similarly situated and in the right of Servel, Inc., Plaintiffs, v. Duncan C. MENZIES, J. Patrick Lannan, Hunter S. Marston, H. Irving Pratt, W. F. Rockwell, Jr., Louis Ruthenberg, A. Lightfoot Walker, Robert E. Walker, John H. Wall, and Servel, Inc., a Delaware corporation, Defendants.

Court of Chancery of Delaware, New Castle.

July 22, 1958.

Attorney(s) appearing for the Case

Irving Morris, Wilmington, Milton S. Gould (of Gallop, Climenko & Gould), and Benedict Wolf (of Wolf, Popper, Ross, Wolf & Jones), New York City, for plaintiffs.

William E. Taylor, Jr., Wilmington, and Norman S. Nemser, New York City, for Samuel Achsel, an objecting stockholder.

Aaron Finger, Wilmington, and William T. Caldwell (of Brown, Wood, Fuller, Caldwell & Ivey), New York City, for defendant, Servel, Inc.

William Poole, Wilmington, and Sullivan & Cromwell, New York City, for defendants, Duncan C. Menzies and John H. Wall.

MARVEL, Vice Chancellor.

The parties to this litigation as of the time of the filing of the amended complaint seek Court approval under Rule 23(c), Del. C.Ann., of a proposed settlement and compromise of a derivative stockholders' suit brought for the benefit of Servel, Inc. Revised agreements entered into between the corporate defendant and the defendants, Menzies and Wall, submitted as the basis for dismissal of the present action were attacked at the settlement...

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