Levenson v. Little

CONGER, District Judge.

Motion in each action ¡by the defendant Textron Incorporated for security pursuant to Section 61-b of the New York General Corporation Law, McK.Consol.Laws, c. 23.

The Supreme Court’s decision in Cohen v. Beneficial Industrial Loan Corp., 337 U.S. 541, 69 S.Ct. 1221, 93 L.Ed. 1528, makes the application of Section 61-b mandatory upon this Court.

The plaintiffs’ suggestion that Section 61-b is inapplicable because it provides for security only for the expenses incurred by officers and directors in defense of an action for which the corporation will be liable is without…