Kelley v. 74 & 76 West Tremont Avenue Corp.

This is another of the internecine legal battles that have been going on between the directors of these corporations in the courts since 1954. This is a director’s derivative action brought against two corporations, and the other directors of said corporations, seeking to establish that the fees paid by the corporations to attorneys who acted in behalf of said corporations and their directors in previous lawsuits were ultra vires and/or excessive, and, further, that the corporations sold certain units of stock in said corporations for a sum below the fair value of such stock. The prayers for…