New York Sample Letter regarding Motion to Dismiss on Shareholder Derivative Claims
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How to fill out Sample Letter Regarding Motion To Dismiss On Shareholder Derivative Claims?
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FAQ
Examples of successful derivative actions may include lawsuits against directors or officers for mismanagement of funds, failure to divulge material information, or breach of fiduciary duty.
Shareholder begin the derivative action process by making a request to the board of directors to bring a legal action against the alleged wrongdoer. This is called making demand on the board.
CPLR 3211(a)(7) provides: "A party may move for judgment dismissing one or more causes of action asserted against him on the ground that: . . . the pleading fails to state a cause of action . .. ." . . . either party may submit any evidence that could properly be considered on a motion for summary judgment ....
Make a demand in writing requiring the corporation to take suitable action before the action (Generally, a derivative suit can only be filed 90 days after written demand. But it may be initiated ahead of time if a) the corporation rejects the demand, or b) the corporation will suffer irreparable harm if they wait).
Common law derivative claim process As mentioned above, a claimant must demonstrate a prima facie case and be granted permission from the court to pursue a common law derivative claim and further, the court will apply the same factors in exercising its discretion as for statutory derivative claims.
What is the difference between a stockholder's derivative suit and a class action? A derivative lawsuit is brought by a shareholder of a corporation for the benefit of the corporation. A shareholder's class action lawsuit is brought by a shareholder for the benefit of themselves and the other shareholders.
Remedies commonly sought in derivative actions include corporate governance reforms designed to prevent future fiduciary misconduct, the removal of officers or directors whose misconduct injured the corporation, monetary payments to remedy damages incurred by the company, and repayment of funds obtained illegally.
