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IRVING BANK v. BANK OF N. Y.

140 Misc.2d 363 (1988)

Irving Bank Corporation, Plaintiff, v. Bank of New York Company, Inc., Defendant.

Supreme Court, New York County.

June 27, 1988

Attorney(s) appearing for the Case

Wachtell, Lipton, Rosen & Katz (Marc Wolinsky of counsel), for plaintiff. Sullivan & Cromwell (John L. Warden of counsel), for defendant.

HERMAN CAHN, J.

Irving Bank Corporation (IBC) moves for summary judgment, or in the alternative for a preliminary injunction, to prevent Bank of New York (BNY) from implementing its proposed plan of acquisition of IBC. IBC claims that the plan constitutes a de facto merger, and can only be implemented after approval by two thirds of BNY's shareholders. BNY seeks dismissal of the complaint on the ground that it fails to state a cause of action. (CPLR 3211...

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