In re PSE & G SHAREHOLDER LITIGATION.
Dr. Steven Fink and Dr. David Friedman, P.C. Profit Sharing Plan, derivatively on behalf of and for the benefit of Public Service Enterprise Group, Incorporated and Public Service Electric & Gas Company, Plaintiffs-Appellants,
v.
Lawrence R. Codey; E. James Ferland; Leon R. Eliason; Steven E. Miltenberger; Joseph J. Hagan; and Stanley LaBruna, Defendants-Respondents,
and
Public Service Enterprise Group Incorporated and Public Service Electric & Gas Company, Nominal Defendants-Respondents.
A. Harold Datz Pension and Profit Sharing Plan, Plaintiff-Appellant,
and
Gail Dorff, derivatively on behalf of and for the benefit of Public Service Enterprise Group, Incorporated and Public Service Electric & Gas Company, Plaintiff,
v.
Lawrence R. Codey; E. James Ferland; Leon R. Eliason; Steven E. Miltenberger; Joseph J. Hagan; and Stanley LaBruna, Defendants-Respondents,
and
Public Service Enterprise Group Incorporated and Public Service Electric & Gas Company, Nominal Defendants-Respondents.
Public Service Enterprise Group Incorporated by G.E. Stricklin derivatively in her capacity as a shareholder, Plaintiff-Appellant,
v.
E. James Ferland; Irwin Lerner; Marilyn M. Pfaltz; Richard J. Swift; Lawrence R. Codey; Ernest H. Drew;
James C. Pitney; T.J. Dermot Dunphy; Raymond V. Gilmartin; Josh S. Weston and Steven E. Miltenberger, Defendants-Respondents,
and
Shirley A. Jackson, Defendant,
and
Public Service Enterprise Group Incorporated, Nominal Defendant-Respondent.
Supreme Court of New Jersey.https://leagle.com/images/logo.png
Argued February 26, 2002.
Decided July 23, 2002.
Attorney(s) appearing for the Case
Ruthann Gordon, a member of the Pennsylvania bar, Philadelphia, PA, argued the cause for appellants Dr. Steven Fink and Dr. David Friedman, P.C. Profit Sharing Plan and A. Harold Datz Pension and Profit Sharing Plan (Cohn Lifland Pearlman Herrmann & Knopf, attorneys, Saddle Brook; Ms. Gordon and Peter S. Pearlman, Saddle Brook, on the briefs).
Mark C. Rifkin, a member of the Pennsylvania, Paoli, PA and New Jersey bars, argued the cause for appellant G.E. Stricklin (Sherman, Silverstein, Kohl, Rose & Podolsky, attorneys, Pennsauken; Mr. Rifkin and Alan C. Milstein, Pennsauken, on the briefs).
Harold G. Levison, New York City, argued the cause for respondents Lawrence R. Codey, E. James Ferland, Irwin Lerner, Marilyn M. Pfaltz, Richard J. Swift, Ernest H. Drew, James C. Pitney, T.J. Dermot Dunphy, Raymond V. Gilmartin, Josh S. Weston; and Michael R. Griffinger, Newark, argued the cause for respondents Steven E. Miltenberger, Leon R. Eliason, Joseph J. Hagan and Stanley La-Bruna. (Kasowitz, Benson, Torres & Friedman and Zazzali, Fagella & Nowak, New York City, for Lawrence R. Codey and E. James Ferland; Connell, Foley & Geiser and William E. Frese, Newark, for Public Service Enterprise Group Incorporated and Public Service Electric & Gas Company; Gibbons, Del Deo, Dolan, Griffinger & Vecchione, Newark, for Leon R. Eliason, Steven E. Miltenberger, Joseph J. Hagan and Stanley LaBruna; Mr. Levison, Mr. Griffinger, Mr. Frese, Kenneth I. Nowak, Newark and Kevin R. Gardner, Roseland, on the briefs).
Jason S. Feinstein, Trenton, submitted a letter in lieu of brief on behalf of amicus curiae, New Jersey Chamber of Commerce (Sterns & Weinroth, attorneys).
Supreme Court of New Jersey.
The opinion of the Court was delivered by VERNIERO, J.
We are called on to address certain questions of first impression regarding the law of business organizations in New Jersey. The principal issue concerns the proper standard of review to be applied when evaluating whether a corporation's board of directors has responded properly in rejecting a shareholder's demand to commence legal action on the corporation's behalf....
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