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CASEY v. BRENNAN

780 A.2d 553 (2001)

344 N.J. Super. 83

Kathryn CASEY and Sheila Gagliano, Plaintiffs, and Carol De Sanctis, John Everitt, and Thomas Morrissey, individually and as representative of the subclass of non-recovering shareholders, Plaintiffs-Appellants/Cross-Respondents, and Stuart L. Pachman, as interim representative of the subclass of recovering shareholders, Plaintiff-Appellant/Cross-Respondent, v. George B. BRENNAN; Joseph J. DiSepio; Patricia M. Keys; Frank T. Kurzawa; George E. Scharpf; Harold Smith; Amboy Bancorporation, a New Jersey corporation; and New Amboy, Inc., a New Jersey corporation, Defendants-Respondents/Cross-Appellants/Cross-Respondents, and Jonathan Heilbrunn; Robert D. O'Donnell; and Carmen Yacuzzio, Defendants, and Susan Hermanos, Defendant-Intervenor/Cross-Respondent/Cross-Appellant. Kathryn Casey and Sheila Gagliano, Plaintiffs-Appellants/Cross-Respondents, v. George B. Brennan; Joseph J. DiSepio; Patricia M. Keys; Frank T. Kurzawa; George E. Scharpf; Harold Smith; Amboy Bancorporation, a New Jersey corporation; and New Amboy, Inc., a New Jersey corporation, Defendants-Respondents/Cross-Appellants, and Jonathan Heilbrunn; Robert D. O'Donnell; and Carmen Yacuzzio, Defendants.

Superior Court of New Jersey, Appellate Division.

Decided August 1, 2001.

Attorney(s) appearing for the Case

R. Bruce McNew (Taylor & McNew) of the Delaware Bar, admitted pro hac vice, Greenville, DE, argued the cause for appellants DeSacnctis, Everitt, and Morrissey (Rodriguez & Richards, Haddonfield and Mr. McNew, attorneys; Lisa J. Rodriguez and Mr. McNew, on the brief).

David R. Strickler, Somerville, argued the cause for appellants Casey and Gagliano (Norris, McLaughlin & Marcus, attorneys; Mr. Strickler, on the brief).

Dennis T. Kearney, Morristown, argued the cause for defendants-respondents/cross-appellants (Pitney, Hardin, Kipp & Szuch, attorneys; Mr. Kearney and Helen A. Nau, on the brief).

Benjamin P. Michel, Morristown, argued the cause for cross-respondent/cross-appellant Hermanos (Riker, Danzig, Scherer, Hyland & Perretti, attorneys; Mr. Michel, of counsel and on the brief).

Before Judges EICHEN, STEINBERG and WEISSBARD.

The opinion of the court was delivered by STEINBERG, J.A.D.

These appeals were argued on the same day and are interrelated. Accordingly, for ease of disposition, we consolidate them for purposes of this opinion. The genesis of the litigation that led to these appeals is a decision by Amboy Bancorporation to address its concern that it had substantial excess capital that was not earning the same returns as its operations....

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