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EPSTEIN v. RUANE, CUNNIFF & GOLDFARB INC.

650100/16. 7065. 7064.

163 A.D.3d 426 (2018)

81 N.Y.S.3d 30

2018 NY Slip Op 04970

Stanley H. Epstein et al., Plaintiffs, and SEP IRA A/C Peter Christopher Gardner, Derivatively on Behalf of Nominal Defendant Sequoia Fund, Inc., Appellant, v. Ruane, Cunniff & Goldfarb Inc., et al., Respondents.

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

Decided July 5, 2018.

Plaintiff failed to allege sufficient facts to establish that a pre-suit demand on the board of the nominal defendant (Sequoia) to prosecute the action would have been futile under applicable Maryland law (see Werbowsky v Collomb, 362 Md. 581, 600, 620, 766 A.2d 123, 133, 144 [2001]; see also Simon v Becherer, 7 A.D.3d 66, 72 [1st Dept 2004]; Hart v General...

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