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MEISELMAN v. EBERSTADT

170 A.2d 720 (1961)

Irwin MEISELMAN, Plaintiff, v. Ferdinand EBERSTADT, Francis S. Williams, Julian M. Avery, Peter B. Cannell, Alfred E. Driscoll, Nelson Loud, LeRoy S. Marek, James J. Minot, Dr. Roger F. Murray, Auguste Richard, F. Schneider, Craig Severance, Maynard E. Simond, Hulbert W. Tripp, Newell B. Wallace, Ernest K. Gladding, Richard W. Seabury and F. Eberstadt & Co., Inc., F. Eberstadt & Co. and Chemical Fund, Inc., Defendants.

Court of Chancery of Delaware, New Castle.

May 4, 1961.

Attorney(s) appearing for the Case

Irving Morris, of Cohen & Morris, Wilmington, and Milton Paulson, New York City, for plaintiff.

Richard F. Corroon, Berl, Potter & Anderson, Wilmington, William Jackson and Andrew J. Connick of Milbank, Tweed, Hope & Hadley, New York City, for defendant, Chemical Fund, Inc.

Robert H. Richards, Jr., of Richards, Layton & Finger, Wilmington, Alfred Jaretski, Jr., and Marvin Schwartz of Sullivan & Cromwell, New York City, and John T. Cahill, Robert G. Zeller, and Imanuel Kohn of Cahill, Gordon, Reindel & Ohl, New York City, for defendants, Ferdinand Eberstadt, Francis S. Williams, Peter B. Cannell, Nelson Loud, Craig Severance, F. Eberstadt & Co., and F. Eberstadt & Co., Inc.

Clair J. Killoran of Killoran & VanBrunt, Wilmington, and Allen T. Klots, Peter H. Kaminer and Stephen A. Weiner of Winthrop, Stimson, Putnam & Roberts, New York City, for defendants, Julian M. Avery, Alfred E. Driscoll, LeRoy F. Marek, James J. Minot, Roger F. Murray, Auguste Richard, F. Schneider, Maynard E. Simond and Hulbert W. Tripp.

SEITZ, Chancellor.

Plaintiff, a stockholder of Chemical Fund, Inc. ("Fund"), brings this derivative action for an accounting on its behalf. The defendants, in addition to the directors of Fund, are F. Eberstadt & Co., Inc. ("Company"), which provides Fund with investment advisory services and acts as principal underwriter and distributor of its shares, and F. Eberstadt and Company ("Investment Company"), an investment banking partnership, whose members own all...

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