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WOLPERT v. FIRST NATIONAL BANK OF EAST ISLIP

No. 74 C 333.

381 F.Supp. 625 (1974)

Charles H. WOLPERT et al., Plaintiffs, v. FIRST NATIONAL BANK OF EAST ISLIP et al., Defendants.

United States District Court. E. D. New York.

September 9, 1974.

Attorney(s) appearing for the Case

Donner, Fagelson, Hariton & Berka, by Ira M. Hariton, Bay Shore, N. Y., for plaintiffs.

Finley, Kumble, Heine, Underberg & Grutman, by Theodore J. Greene, New York City, for defendants.

MEMORANDUM AND ORDER

NEAHER, District Judge.

This is a derivative action by shareholders of The First National Bank of East Islip, Suffolk County (hereinafter "the Bank"), on behalf of themselves and other shareholders against the Bank and its board of directors. The complaint alleges various acts of self-dealing, mismanagement and violation of federal statutes by the directors causing substantial losses to the Bank. Plaintiffs seek removal of the present...

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