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LEWIS v. GRAVES

No. 280, Docket 82-7398.

701 F.2d 245 (1983)

Harry LEWIS, Plaintiff-Appellant, v. Charles L. GRAVES, James E. Cunningham, John A. Morgan, W.E. Earles, Charles L. Davis, James A. Hunt, John D. Ritchie, Robert K. Richie, Hosea W. Bailey, G.W. Douglas Carver, Graham D. Mattison, Morgan Stanley & Co., Incorporated, Smith Barney, Harris Upham & Co., The Babcock & Wilcox Company, and J. Ray McDermott & Co., Inc., Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided February 28, 1983.

Attorney(s) appearing for the Case

Stanley Nemser, New York City (Nemser & Nemser, New York City, of counsel), for plaintiff-appellant.

Richard E. Nolan, New York City (Joel B. Gardner, Davis, Polk & Wardwell, New York City, of counsel), for defendant-appellee J. Ray McDermott & Co., Inc. and the individual defendants-appellees.

Cravath, Swaine & Moore, New York City, of counsel, for defendant-appellee Morgan Stanley & Co., Inc.

Sullivan & Cromwell, New York City, of counsel, for defendant-appellee The Babcock & Wilcox Co.

White & Case, New York City, of counsel, for defendant-appellee Smith Barney, Harris Upham & Co., Inc.

Before FEINBERG, Chief Judge, CARDAMONE and DAVIS, Circuit Judges.

CARDAMONE, Circuit Judge:

We review on this appeal the single issue of whether the district court erred in dismissing plaintiff's shareholder derivative suit for failure to make a demand upon the directors of defendant J. Ray McDermott & Co., Inc. (McDermott). A derivative suit often brings into the litigation arena parties holding widely divergent views as to how the affairs of a corporation can best be conducted. Directors of a corporation ordinarily believe...

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