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BANSBACH v. ZINN

1 N.Y.3d 1 (2003)

801 N.E.2d 395

769 N.Y.S.2d 175

JOHN M. BANSBACH, Appellant, v. MICHAEL F. ZINN et al., Respondents.

Court of Appeals of the State of New York.

Decided October 30, 2003.

Attorney(s) appearing for the Case

Harold B. Obstfeld, P.C., New York City (Harold B. Obstfeld of counsel), for appellant.

Robinson Brog Leinwand Greene Genovese & Gluck P.C., New York City (David C. Burger of counsel), for respondents.

Judges G.B. SMITH, CIPARICK, ROSENBLATT, GRAFFEO and READ concur.

OPINION OF THE COURT

Chief Judge KAYE.

This is a shareholder derivative action brought to recover damages allegedly suffered by Besicorp Group Inc., a public company, as a result of illegal conduct by defendant Michael Zinn—its founder, majority stockholder, board chairman, chief executive officer and president.1 Because a derivative action is brought on the corporation's behalf, the law generally requires that demand...

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