IN RE BANK OF NEW YORK DERIVATIVE LITIGATION

Nos. 99 Civ. 9977(DC), 99 Civ. 10616(DC).

173 F.Supp.2d 193 (2001)

In re BANK OF NEW YORK DERIVATIVE LITIGATION

United States District Court, S.D. New York.

November 27, 2001.


Attorney(s) appearing for the Case

Milberg Weiss Bershad Hynes & Lerach, LLP, by Melvin I. Weiss, Richard H. Weiss, New York, NY, Morris & Morris, by Karen L. Morris, Irving Morris, Wilmington, DE, Halebian & Feffer, LLP, by Robert I. Harwood, Samuel Rosen, Wechsler Harwood, New York, NY, for Plaintiffs.

Sullivan and Cromwell, by John L. Warden, Richard H. Klapper, New York, NY, for Nominal Defendants.

Solomon, Zauderer, Ellenhorn, Frischer & Sharp, by David E. Nachman, New York, NY, for Defendant J. Carter Bacot.

Squadron Ellenoff Plesent & Sheinfeld LLP, by Lawrence Byrne, Lance Croffoot-Suede, Kathleen P. O'Leary, New York, NY, for Defendants Galizine and Kotov.

Stillman & Friedman, P.C., by Jody L. King, New York, NY, for Defendant Papageorge.

Andrew M. Lawler, New York, NY, for Defendant Renyi.


OPINION

CHIN, District Judge.

In this shareholder derivative action, plaintiffs Mildred and Edward J. Kaliski allege that certain officers and directors of nominal defendants Bank of New York Company, Inc. (the "Company") and its wholly-owned subsidiary Bank of New York ("BONY") committed systemic wrongdoing in the early and mid-1990's when they sought to expand BONY's banking business in Russia. Plaintiffs, however, did not buy their BONY stock until...

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