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CANALE v. YEGEN

Civ. No. 90-2409 (HLS).

782 F.Supp. 963 (1992)

Frank Sturla CANALE, Plaintiff, v. Christian C. YEGEN, Jason Semel, Yegen Holdings Corporation and Yegen Holdings Corporation Employee Stock Ownership Plan, Defendants.

United States District Court, D. New Jersey.

As Amended February 7, 1992.

Attorney(s) appearing for the Case

Mark E. Belland, Tomar, Simonoff, Adourian & O'Brien, Haddonfield, N.J., for plaintiff.

Robert A. Patria, Newark, N.J., Michael J. Dell, Kramer, Levin, Nessen, Kamin & Frankel, New York City, for defendants.

OPINION

SAROKIN, District Judge.

Before the court is defendants' motion for summary judgment dismissing all claims.

Background

This case arises out of the participation of plaintiff Frank S. Canale ("Canale") in an Employee Stock Ownership Plan ("the Plan") maintained by defendant Yegen Holdings Corporation ("Holdings"). Individual defendants Christian C. Yegen ("Yegen") and Jason Semel ("Semel") were officers and directors of Holdings...

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