Bank of New York Co. v. Irving Bank Corp.

536 N.Y.S.2d 923 (1988)

From our private database of 45,900+ case briefs, written and edited by humans—never with AI.

Bank of New York Co. v. Irving Bank Corp.

New York Supreme Court
536 N.Y.S.2d 923 (1988)

  • Written by Heather Whittemore, JD

Facts

In 1987 Bank of New York (plaintiff) announced that it was going to attempt to acquire Irving Bank Corporation (Irving) (defendant). In response, the board of directors of Irving adopted a poison-pill rights agreement giving it the ability to resist an unwanted acquisition. The rights agreement included a flip-in provision, which provided that if any entity acquired 20 percent or more of the shares of Irving, all Irving’s common shareholders except that entity could purchase $400 of Irving common stock for $200, making it more difficult and more expensive for the entity to acquire Irving. Bank of New York filed a lawsuit in New York state court, alleging that the flip-in provision violated § 501(c) of the New York Business Corporation Law by discriminating among shareholders holding shares of the same class of stock.

Rule of Law

Issue

Holding and Reasoning (Cahn, J.)

What to do next…

  1. Unlock this case brief with a free (no-commitment) trial membership of Quimbee.

    You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 736,000 law students since 2011. Some law schools—such as Yale, Berkeley, and Northwestern—even subscribe directly to Quimbee for all their law students.

    Unlock this case briefRead our student testimonials
  2. Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.

    Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students.

    Learn about our approachRead more about Quimbee

Here's why 736,000 law students have relied on our case briefs:

  • Written by law professors and practitioners, not other law students. 45,900 briefs, keyed to 984 casebooks. Top-notch customer support.
  • The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
  • Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
  • Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.

Access this case brief for FREE

With a 7-day free trial membership
Here's why 736,000 law students have relied on our case briefs:
  • Reliable - written by law professors and practitioners, not other law students
  • The right length and amount of information - includes the facts, issue, rule of law, holding and reasoning, and any concurrences and dissents
  • Access in your class - works on your mobile and tablet
  • 45,900 briefs - keyed to 984 casebooks
  • Uniform format for every case brief
  • Written in plain English - not in legalese and not just repeating the court's language
  • Massive library of related video lessons - and practice questions
  • Top-notch customer support

Access this case brief for FREE

With a 7-day free trial membership