In the Matter of Cadus Corp. Stockholders Litigation.
Emily Kahn-Freedman et al., Appellants,
v.
Cadus Corporation et al., Respondents.
Appellate Division of the Supreme Court of New York, First Department.https://leagle.com/images/logo.png
Decided December 3, 2020.
Decided December 3, 2020.
Attorney(s) appearing for the Case
Rigrodsky & Long, P.A., Garden City ( Timothy J. MacFall of counsel), and Levi & Korsinsky, LLP, Washington DC ( Donald J. Enright , of the bar of the District of Columbia, admitted pro hac vice, of counsel), for appellants.
Law Office of Robert R. Viducich, New York ( Robert Viducich of counsel), for Cadus Corporation, Starfire Holding Corporation, Barberry Corporation, High River Limited Partnership, Carl C. Icahn and Hunter C. Gary, respondents.
Dorsey & Whitney LLP, New York ( Kaleb McNeely of counsel), for Jack Wasserman, Peter Liebert and Tara Elias Schuchts, respondents.
Appellate Division of the Supreme Court of New York, First Department.
The motion court properly applied the business judgment rule instead of the entire fairness test to the buyout of defendant Cadus Corporation by its controlling shareholder, defendant Starfire Holding Corporation (see Kahn v M & F Worldwide Corp.,88 A.3d 635, 645 [Del 2014]). Plaintiffs failed to show, as pertinent here, that the Special Committee that approved the transaction was not...
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