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COHEN v. SAKS INC.

8421N. 652724/13. 652725/13. 652758/13. 652793/13. 652854/13. 653036/13. 652817/13.

169 A.D.3d 515 (2019)

94 N.Y.S.3d 250

2019 NY Slip Op 01162

Samuel T. Cohen, Appellant, v. Saks Incorporated et al., Respondents. Thomas H. Jennings, Appellant, v. Saks Incorporated, Respondents. Robert Oliver, Appellant, v. Saks Incorporated et al., Respondents. Joshua Teitelbaum, Appellant, v. Saks Incorporated et al., Respondents. Jack Oliver et al., Appellants, v. Saks Incorporated et al., Respondents. Sharon Golding, Appellant, v. Saks Incorporated et al., Respondents. Michelle Sabattini, Plaintiff, v. Saks Incorporated et al., Defendants.

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

Decided February 14, 2019.

Plaintiffs, shareholders of defendant Saks Incorporated, allege that the board of directors of Saks breached its fiduciary duties in connection with the $2.9 billion acquisition of Saks by defendant Hudson's Bay Company (the merger) insofar as the sale price failed to account for the significant value of Saks's flagship store in Manhattan. Plaintiffs seek leave to amend the complaint to add new allegations against the Saks defendants and an aiding and abetting breach of fiduciary...

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