PIERRE v. PSATHAS


293 A.D.2d 364 (2002)

740 N.Y.S.2d 205

JACQUES PIERRE et al., Individually and as Shareholders of ALL CITY CORPORATE TRANSPORTATION, INC., Appellants, v. ANATHANASIOS PSATHAS et al., Respondents.

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

Decided April 18, 2002.


In this derivative action brought by member drivers of a corporate car service cooperative, the claim that defendants improperly derived personal benefits by selling radios to themselves and their friends at a discount was shown to be completely without evidentiary basis. Also shown to be without evidentiary basis were plaintiffs' claims that the directors' salaries and the creation of a corporate subsidiary for financing purposes were unauthorized. Indeed, the evidence shows...

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