MENEZES v. WL ROSS & CO. LLC

No. 4810.

392 S.C. 584 (2011)

709 S.E.2d 114

Brian P. MENEZES, Respondent, v. WL ROSS & CO. LLC, Wilbur L. Ross, Jr., Michael J. Gibbons, David H. Storper, David L. Wax, Joseph L. Gorga, Stephen B. Duerk, WLR Recovery Fund II, L.P., WLR Recovery Fund III, L.P., WLR Recovery Associates II LLC, and WLR Recovery Associates III LLC, Appellants.

Court of Appeals of South Carolina.

Decided March 23, 2011.

Rehearing Denied June 1, 2011.


Attorney(s) appearing for the Case

H. Sam Mabry, III , Charles M. Sprinkle, III , and James Derrick Quattlebaum , all of Greenville; Michael J. McConnell and Joseph E. Finley , of Atlanta, Georgia and N. Scott Fletcher , of Houston, TX, for Appellants.

William D. Herlong , of Greenville, for Respondent.


KONDUROS, J.

W.L. Ross & Co., LLC (WLR) and several of its board members (Appellants)1 appeal the circuit court's striking of two of their defenses and dismissal of their counterclaim in the direct shareholder lawsuit filed by Brian Menezes. We reverse and remand.

FACTS/PROCEDURAL BACKGROUND

Safety Components International, Inc. (SCI) was a publicly traded Delaware corporation with its headquarters in South

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