In re PSE & G Shareholder Litigation
New Jersey Superior Court Chancery Division
315 N.J. Super. 323, 718 A.2d 254 (1998)
- Written by Daniel Clark, JD
Facts
A group of shareholders (plaintiffs) of Public Service Group Inc. (Public Service) made a demand to Public Service to pursue litigation against certain of its officers and directors and also against its subsidiary, the Public Service Electric and Gas Company (PSEG) (defendants). Public Service rejected the demand. The shareholders then filed a derivative action. Public Service moved to dismiss, arguing that the shareholders could not bring a derivative action after having had their demand rejected. The chancery court denied the motion. Public Service then moved for summary judgment, arguing that there was no unresolved issue of material fact and, thus, no need to continue to discovery.
Rule of Law
Issue
Holding and Reasoning (Weiss, J.)
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