CAPITAL Z FINANCIAL SERVICES FUND II, L.P., et al., Appellants-Respondents,
v.
HEALTH NET, INC., Respondent-Appellant.
Appellate Division of the Supreme Court of the State of New York, First Department.https://leagle.com/images/logo.png
July 5, 2007.
July 5, 2007.
Attorney(s) appearing for the Case
Kasowitz, Benson, Torres & Friedman, LLP, New York City (Michael M. Fay, David S. Rosner, Kim Conroy and Jenny H. Kim of counsel), for appellants-respondents.
Munger, Tolles & Olson LLP, Los Angeles, California (Brad D. Brian, Ronald K. Meyer, Alexandra Lang Susman, of the California bar, admitted pro hac vice, of counsel), and Skadden, Arps, Slate, Meagher & Flom LLP, New York City (Jeremy A. Berman and Henry P. Wasserstein of counsel), for respondent-appellant.
ANDRIAS, FRIEDMAN, GONZALEZ and CATTERSON, JJ., concur.
Appellate Division of the Supreme Court of the State of New York, First Department.
OPINION OF THE COURT
MAZZARELLI, J.P.
Plaintiffs1 (Cap Z) are four limited partnerships which together invested 100 million dollars in the stock of nonparty Superior National Insurance Group (Superior). The investment was made to help fund Superior's purchase of the Business Insurance Group, Inc. (BIG), a set of four California workers' compensation insurers, from Foundation Health Corp., a predecessor in interest to defendant...
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