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SECURITY POLICE AND FIRE PROFESSIONALS OF AMERICA RETIREMENT FUND v. MACK

7175, 600359/10, 7175A.

93 A.D.3d 562 (2012)

940 N.Y.S.2d 609

2012 NY Slip Op 2170

SECURITY POLICE AND FIRE PROFESSIONALS OF AMERICA RETIREMENT FUND, Plaintiff, and ARTHUR MURPHY, JR., et al., Appellants, v. JOHN J. MACK et al., Respondents, and MORGAN STANLEY, Nominal Defendant-Respondent, et al., Defendant.

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

Decided March 22, 2012.

Plaintiffs are shareholders of nominal defendant Morgan Stanley, a Delaware corporation; the other defendants are Morgan Stanley's directors and officers. Plaintiffs allege waste, breach of the duty of loyalty, and unjust enrichment, based on the board's alleged decisions in 2006, 2007, and 2009 regarding compensation for all of Morgan Stanley's tens of thousands of employees. They did not make a demand on the board before bringing this derivative action.

The motion...

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