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SCALISI v. FUND ASSET MANAGEMENT, L.P.

Docket No. 03-9233.

380 F.3d 133 (2004)

April SCALISI, as Custodian for her minor children, Felix Amsler, Plaintiffs-Appellants, v. FUND ASSET MANAGEMENT, L.P., Merrill Lynch Focus Twenty Fund, Inc., Defendants-Appellees, Merrill Lynch Focus Twenty Fund, Inc. Nominal Defendant-Appellee.

United States Court of Appeals, Second Circuit.

Decided August 17, 2004.

Attorney(s) appearing for the Case

Scott W. Fisher, Garwin, Bronzaft, Gerstein & Fisher, L.P., New York, N.Y. (Joel C. Feffer and Daniella Quitt, Wechsler Harwood LLP, on the brief) for Plaintiffs-Appellants.

James N. Benedict, Clifford Chance U.S. LLP, (Mark Holland, Mary K. Dulka, Jennifer Wendy, Sanny B. Hua, Clifford Chance U.S. LLP; Lori A. Martin, First Vice President and Assistant General Counsel, Merrill Lynch Investment Managers L.P., of counsel), for Defendant-Appellee Fund Asset Management, L.P.

Marvin E. Barkin, Trenam, Kemker, Schars, Barkin, Frye, O'Neill & Mullis, P.A., Tampa, FL (Thomas J. Lilly, Jr., O'Donnell, Schwartz, Glanstein & Lilly, Garden City, NJ, on the brief) for Defendant-Appellee Merrill Lynch Focus Twenty Fund, Inc.

Before: LEVAL, and B.D. PARKER, Circuit Judges, IRENAS, Senior District Judge.

IRENAS, Senior District Judge.

Plaintiffs April Scalisi and Felix Amsler appeal a decision of the United States District Court for the Eastern District of New York (Thomas C. Platt, Jr., District Judge) dismissing their shareholder derivative action against Defendants Fund Asset Management, L.P. and Merrill Lynch Focus Twenty Fund, Inc. Plaintiffs contend that the district court failed to apply the proper legal standard in determining whether the directors...

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