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CHICKERING v. GILES

270 A.2d 373 (1970)

Allen L. CHICKERING, Jr., William M. Caldwell, William G. Henshaw, W. H. Keeney and William T. Pascoe, III, Plaintiffs, v. James P. GILES, Victor H. Palmieri, Don L. Rogers, Bernard A. Schriever, Roland R. Speers, John W. Sweetland, Clarence Wolf, Jr., Robert B. Wolf, American Cement Corporation, a Delaware corporation, Defendants.

Court of Chancery of Delaware, New Castle.

August 28, 1970.

Attorney(s) appearing for the Case

S. Samuel Arsht, Morris, Nichols, Arsht & Tunnell, Wilmington, and William I. Edlund, Pillsbury, Madison & Sutro, San Francisco, Cal., for plaintiffs.

Richard F. Corroon and Robert K. Payson, Potter, Anderson & Corroon, Wilmington, and Everett B. Clary, O'Melveny & Myers, Los Angeles, Cal., for defendants.

Henry M. Canby and Richard F. Balotti, Richards, Layton & Finger, Wilmington, and Daniel L. Rothman, Fierstein, Dolin & Rothman, Los Angeles, Cal., for objectors.

DUFFY, Chancellor:

This is the decision on a joint petition for approval of settlement of a derivative action after notice to stockholders and a hearing on objections.

I

The complaint alleges that plaintiffs are directors and stockholders of American Cement Corporation (American) and that defendants are or claim to be directors of that Company. Defendant James P. Giles was also president of American.

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