Clarke v. Greenberg

71 N.E.2d 443 (1947)

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Clarke v. Greenberg

New York Court of Appeals
71 N.E.2d 443 (1947)

  • Written by John Caddell, JD

Facts

Greenberg (defendant) was a shareholder of the Associated Gas & Electric Company (AGECO). Greenberg brought a shareholder derivative suit against AGECO’s directors. Prior to trial, Greenberg and the directors settled the suit. As part of the settlement, Greenberg released the claims against the directors in both his individual and representative capacity. Also as part of the settlement, Greenberg sold his stock back to the corporation. Greenberg’s stock had a market value of $51.88, but as part of the settlement, he received $9,000. AGECO’s trustee (plaintiff) sued Greenberg, seeking accounting of the settlement payment to the corporation. The trial court dismissed the trustee’s complaint. The appellate court affirmed. The trustee appealed.

Rule of Law

Issue

Holding and Reasoning (Dye, J.)

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