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Kamin v. American Express Company

Supreme Court of New York

383 N.Y.S.2d 807 (1976), 387 N.Y.S.2d 993 (1st Dept. 1976)

Facts

American Express (defendant) authorized dividends to be paid out to stockholders in the form of shares of Donaldson, Lufkin and Jenrette, Inc. (DLJ). Kamin, et al. (plaintiffs), minority stockholders in American Express, brought suit against the directors of American Express, alleging that the dividends were a waste of corporate assets in that the stocks of DLJ could have been sold on the market, saving American Express about $8 million in taxes. The American Express directors filed a motion to dismiss the case.

Rule of Law

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Issue

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Holding and Reasoning (Greenfield, J.)

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A "yes" or "no" answer to the question framed in the issue section;
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The procedural disposition (e.g., reversed and remanded, affirmed, etc.).

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