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MATTER OF OMNICOM GROUP INC. SHAREHOLDER DERIVATIVE LITIGATION

43 A.D.3d 766 (2007)

842 N.Y.S.2d 408

In the Matter of OMNICOM GROUP INC. SHAREHOLDER DERIVATIVE LITIGATION. GARY OTTERBACH et al., Respondents, v. BRUCE CRAWFORD et al., Appellants, and OMNICOM GROUP INC., Appellant.

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

Decided September 25, 2007.

In this shareholder derivative action, plaintiffs, shareholders of Omnicom Group Inc. (Omnicom), allege that, in May 2001, Omnicom's directors breached their fiduciary duty of good faith by knowingly approving the formation and use of a subsidiary, Seneca Investments, LLC (Seneca), to conceal the true financial condition of Omnicom's Internet investments. Plaintiffs further allege that the chairman and two directors of the Omnicom...

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