Katz v. Renyi

—Order, Supreme Court, New York County (Beatrice Shainswit, J.), entered on *263or about December 11, 2000, denying defendants-appellants’ motion to stay the consolidated State actions pending investigation by a Special Litigation Committee, unanimously affirmed, with costs.

These consolidated derivative actions were brought on behalf of Bank of New York and its parent company, The Bank of New York Company, Inc. Plaintiffs allege that the bank’s board of directors failed to prevent the bank from being used as a part of a money laundering operation. A similar Federal action was commenced in 1999.…