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STILWELL VALUE PARTNERS, IV, L.P. v. CAVANAUGH

12754, 653011/11.

118 A.D.3d 518 (2014)

987 N.Y.S.2d 149

2014 NY Slip Op 4253

STILWELL VALUE PARTNERS, IV, L.P., Respondent, v. DIANE B. CAVANAUGH et al., Appellants, and NORTHEAST COMMUNITY BANCORP, INC., Nominal Defendant-Appellant.

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

Decided June 12, 2014.

Plaintiff sufficiently alleged with the requisite detail that defendant directors, who sit on the boards of both the defendant parent company, Northeast Community Bancorp, MHC, and its subsidiary, nominal defendant Northeast Community Bancorp, Inc., have a conflict of interest regarding plaintiff's proposed transaction, based on, inter alia, their dual loyalties and self-interest (see generally Bansbach v Zinn, 1 N.Y.3d 1, 11 [2003...

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