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MARX v. AKERS

88 N.Y.2d 189 (1996)

666 N.E.2d 1034

644 N.Y.S.2d 121

Sylvia A. Marx, Appellant, v. John F. Akers et al., Respondents.

Court of Appeals of the State of New York.

Decided April 25, 1996.

Attorney(s) appearing for the Case

Silverman, Harnes & Harnes, New York City (John F. Harnes and Joan T. Harnes of counsel), for appellant.

Cravath, Swaine & Moore, New York City (Evan R. Chesler of counsel), Clark, Gagliardi & Miller, P. C., White Plains, Milberg Weiss Bershad Hynes & Lerach, New York City, Riker, Danzig, Scherer, Hyland & Perretti, of the New Jersey Bar, admitted pro hac vice, and Donato A. Evanelista, of the Connecticut Bar, admitted pro hac vice, for respondents.

Chief Judge KAYE and Judges SIMONS, TITONE, LEVINE and CIPARICK concur; Judge BELLACOSA taking no part.

SMITH, J.

Plaintiff commenced this shareholder derivative action against International Business Machines Corporation (IBM) and IBM's board of directors without first demanding that the board initiate a lawsuit. The amended complaint (complaint) alleges that the board wasted corporate assets by awarding excessive compensation to IBM's executives and outside directors. The issues raised on this appeal are whether...

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