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DAVID SHAEV PROFIT SHARING ACCOUNT v. CAYNE

24 A.D.3d 154 (2005)

806 N.Y.S.2d 17

DAVID SHAEV PROFIT SHARING ACCOUNT, Appellant, v. JAMES E. CAYNE et al., Respondents.

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

December 6, 2005.

The law of Delaware, the state of Bear Stearns' incorporation, is controlling (see Hart v. General Motors Corp., 129 A.D.2d 179, 182-183 [1987], lv denied 70 N.Y.2d 608 [1987], citing Diamond v. Oreamuno, 24 N.Y.2d 494, 503-504 [1969]), and, under Delaware law, as elsewhere, a demand upon directors of a corporation to pursue a derivative complaint is mandated in recognition of the...

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