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NAINAN v. 715-723 SIXTH AVENUE OWNERS CORP.

10290. 160751/15.

177 A.D.3d 489 (2019)

2019 NY Slip Op 08351

Dan Nainan et al., Respondents, v. 715-723 Sixth Avenue Owners Corp. et al., Appellants, et al., Defendants.

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

Decided November 19, 2019.

This is a shareholder derivative action in which plaintiffs contend that defendants, who are the coop, five former coop board members, and the former managing agent, failed to act in the shareholders' best interest when they negotiated the coop's apartment building for sale because the board was controlled by an interested director and an individual member of the board received a direct financial benefit from the transaction (...

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