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TEACHERS' RET. SYS. OF LOUISIANA v. WELCH

244 A.D.2d 231 (1997)

664 N.Y.S.2d 38

Teachers' Retirement System of Louisiana et al., Appellants, v. John F. Welch, Jr., et al., Respondents, et al., Defendant. (Action No. 1.) Teachers' Retirement System of Louisiana, Derivatively on Behalf of Chemical Banking Corp., and Double Derivatively on Behalf of Chemical Bank, Appellant, v. Chemical Banking Corp. et al., Respondents. (Action No. 2.)

Appellate Division of the Supreme Court of the State of New York, First Department.

November 18, 1997

Action No. 1 is a derivative action seeking to impose personal liability upon 15 present and past General Electric Company (GE) directors and three other individuals based upon alleged "phantom trading" by defendant Jett, an employee of a third-tier subsidiary of GE. Section 6 of GE's certificate of incorporation, adopted pursuant to Business Corporation Law § 402 (b), shields GE's directors for negligent acts or omissions occurring in their capacity as directors, with...

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