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ARNOLD v. SOCIETY FOR SAV. BANCORP, INC.

No. 315, 1995.

678 A.2d 533 (1996)

Steven E. ARNOLD, Executor of the Estate of Robert H. Arnold, Plaintiff Below, Appellant, v. SOCIETY FOR SAVINGS BANCORP, INC., a Delaware Corporation, David T. Chase, Sanford Cloud, Jr., Lawrence Connell, Robert E. Green, Jerome H. Grossman, Betsy Henley-Cohn, Ronald D. Jarvis, Edward W. Large, Edward J. Okay, John F. Shea, Jr., Florian A. Stang, Jerry F. Stone, Jr., Bank of Boston Corporation, and BBC Connecticut Holding Corporation, Defendants Below, Appellees.

Supreme Court of Delaware.

Decided: June 25, 1996.

Attorney(s) appearing for the Case

Ronald A. Brown, Jr. (argued), and William Prickett of Prickett, Jones, Elliott, Kristol & Schnee, Wilmington, for Appellant.

A. Gilchrist Sparks, III (argued), and David J. Teklits of Morris, Nichols, Arsht & Tunnell, Wilmington, for Appellees Bank of Boston Corporation and Society for Savings Bancorp, Inc.

Jesse A. Finkelstein of Richards, Layton & Finger, Wilmington, Howard S. Zelbo (argued), and Richard F. Ziegler of Cleary, Gottlieb, Steen & Hamilton, New York City, for Individual Defendants.

Before VEASEY, C.J., WALSH, HOLLAND, HARTNETT and BERGER, JJ., constituting the Court

VEASEY, Chief Justice:

In this appeal we consider the order of the Court of Chancery granting summary judgment and dismissing claims against the constituent corporations and the directors of the merged corporation for damages arising out of a disclosure violation in a merger proxy statement. In an earlier appeal, the directors were found to have committed a breach of their duty of disclosure, but the certificate of incorporation...

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