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LITMAN v. PRUDENTIAL-BACHE PROPERTIES

Civ. A. No. 12137.

611 A.2d 12 (1992)

Doris and Sydney LITMAN and David and Lillian Zelitch, Plaintiffs, v. PRUDENTIAL-BACHE PROPERTIES, INC., Related Tax-Exempt Bond Associates, Inc., and Bache Group, Inc. a/k/a Prudential Securities Group, Inc., Defendants.

Court of Chancery of Delaware, New Castle County.

Date Decided: February 13, 1992.

Attorney(s) appearing for the Case

Carolyn D. Mack, and Robert J. Kriner, Jr., of Greenfield & Chimicles, Wilmington, and Michael J. Pucillo, of Greenfield & Chimicles, West Palm Beach, Fla., for plaintiffs.

Allen M. Terrell, Jr., Paul M. Altman, and Frederick L. Cottrell, III, of Richards, Layton & Finger, Wilmington, and Scott W. Muller, and Seth R. Lesser, of Davis Polk & Wardwell, New York City, for defendants Prudential-Bache Properties, Inc. and Bache-Group, Inc. a/k/a Prudential Securities, Inc.

James F. Burnett, of Potter, Anderson & Corroon, Wilmington, and Joel S. Weiss, of Esanu Katsky Korins & Siger, New York City, for defendant related Tax-Exempt Bond Associates, Inc.

OPINION

CHANDLER, Vice Chancellor.

Plaintiffs, Doris Litman, Sydney Litman, David Zelitch and Lillian Zelitch, have instituted this proceeding as a class action lawsuit against defendants for breaches of their fiduciary duties. Plaintiffs have named Prudential-Bache Properties, Inc. ("Pru-Bache Properties"), Related Tax Exempt Bond Associates, Inc. ("Bond Associates") and Bache Group, Inc. and its successor Prudential Securities Group, Inc. ("Bache Group...

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