Ida ABRAMOWITZ, derivatively as a shareholder of NVF Company, a Delaware Corporation, Plaintiff-Appellant,
v.
Victor POSNER, Bernard Krakower, Steven Posner, Walter E. Gregg, Gail Posner Cohen and NVF Company, Defendants-Appellees.
United States Court of Appeals, Second Circuit.https://leagle.com/images/logo.png
Argued December 17, 1981.
Decided February 9, 1982.
Attorney(s) appearing for the Case
Peter S. Pearlman, Saddle Brook, N. J. (Jeffrey W. Herrmann, Cohn & Lifland, Saddle Brook, N. J., of counsel), for plaintiff-appellant.
William R. Glendon, New York City (Guy C. Quinlan, Richard A. Cirillo, Rogers & Wells, New York City, of counsel), for defendants-appellees.
Paul Gonson, Sol., Ralph C. Ferrara, Gen. Counsel, Jacob H. Stillman, Associate Gen. Counsel, Richard A. Kirby, Sp. Counsel, Anne H. Sullivan, Robert Mills, Securities and Exchange Commission, Washington D. C., of counsel, for the S.E.C. as amicus curiae.
Before MESKILL and KEARSE, Circuit Judges, and METZNER, District Judge.
United States Court of Appeals, Second Circuit.
MESKILL, Circuit Judge:
In Burks v. Lasker,441 U.S. 471, 480, 99 S.Ct. 1831, 1838, 60 L.Ed.2d 404 (1979), the Supreme Court held that the authority of disinterested directors to terminate shareholder derivative litigation is governed by applicable state law, provided that such law is consistent with the policies of the federal acts upon which the action is based.1 Our present task is to determine...
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