Lerner v. Prince
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
OPINION OF THE COURT
Moskowitz, J.
This purported shareholder derivative action arose out of the subprime mortgage crisis meltdown and the financial crisis that followed. Plaintiff Stanley Lerner is a shareholder of nominal defendant Citigroup Inc., a Delaware corporation with its principal place of business in New York. At the end of the third quarter of 2007, Citigroup reported multi-billion dollar asset write-downs stemming from its holdings in mortgage-related securities. In late 2007, plaintiff made a formal pre-suit demand on Citigroup’s board of directors (the Board), asking that the…
2Cases cited22 opinions
- Brehm v. EisnerSupreme Court of Delaware · 2000
- Auerbach v. BennettNew York Court of Appeals · 1979
- Grobow v. PerotSupreme Court of Delaware · 1988
- Levine v. SmithSupreme Court of Delaware · 1991
- White v. PanicSupreme Court of Delaware · 2001
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