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COHN v. ZAROWITZ

501 A.2d 1235 (1985)

Richard M. COHN and Alan R. Kahn, as Trustees U/A2 of W/O Sterling D. Spero F/B/O Bertha K. Spero, Objectors Below, Appellants, v. Barbara ZAROWITZ, J.N. Blumberg, as Trustee of the Blumberg Properties Pension Plan, Elliot Dubowski, Rosalie F. and Melvin Kolbert, Susan J. Hut, Edna Roth, as Trustee for the benefit of Jennie Stepak, Florence Seigenfeld, and William B. Weinberger, Plaintiffs Below, Appellees, and Crocker National Corporation, Crocker National Bank, Jerome W. Hull, William L. Morris, Geoffrey W. Taylor, Peter E. Haas, Thomas R. Wilcox, Stanley Hiller, Jr., John A. Brooks, John J. Elmore, John B.M. Place, Alexander Damm, J. Hallam Dawson, Carl C. Gregory, Richard G. Landis, Fred B. Morrison, Jerome W. Komes, Arthur B. Hall, Malcolm G. Wilcox, Colin C. Livingston, Stuart T. Graham, Midland Bank, plc, Milo W. Bekins, Jr., Donald L. Bower, Thomas B. Crowley, Roberta Fenlon, Leslie L. Luttgens, Thomas P. Mullaney, S. Donley Ritchey, James P. Shepley, and Robert B. Shetterly, Defendants Below, Appellees.

Supreme Court of Delaware.

Decided: December 19, 1985.

Attorney(s) appearing for the Case

Victor F. Battaglia and Pamela S. Tikellis of Biggs & Battaglia, Wilmington, and Sidney B. Silverman (argued) of Silverman & Harnes, New York City, of counsel, for objectors below — appellants.

Joseph A. Rosenthal (argued) of Morris and Rosenthal, P.A., Wilmington, Elizabeth M. McGeever of Prickett, Jones, Elliott, Kristol & Schnee, Wilmington, and Greenfield & Chimicles, Haverford, Pennsylvania, of counsel, for plaintiffs below — appellees.

Michael D. Goldman (argued) and James F. Burnett of Potter Anderson & Corroon, Wilmington, and W. Foster Wollen, Franklyn D. Kimball, and Jaculin Aaron of Shearman & Sterling, New York City, of counsel, for Midland Bank plc, defendant below — appellee.

Paul P. Welsh of Morris, Nichols, Arsht & Tunnell, Wilmington, and Melvin R. Goldman and Preston Moore of Morrison & Foerster, San Francisco, Cal. of counsel, for the individual defendants, Crocker Nat. Corp., and Crocker Nat. Bank, defendants below — appellees.

Before McNEILLY, HORSEY and MOORE, JJ.

McNEILLY, Justice.

This appeal is from the approval of a Stipulation and Agreement of Settlement entered in the Court of Chancery. Richard M. Cohn and Alan R. Kahn, as trustees for Bertha K. Spero, objected to the approval of the settlement and allege that the Vice Chancellor abused his discretion in approving it. We find no such abuse of discretion, and, accordingly, affirm the judgment below.

In 1980, an Investment Agreement was entered into between Crocker...

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