Susman v. LINCOLN AMERICAN CORPORATION

MEMORANDUM OPINION AND ORDER

SHADUR, District Judge.

In 1973 Michael Susman (“Susman”) brought this class and derivative action on behalf of Consumers National Corporation (“Consumers”) and its minority stockholders. Susman asserts various violations of the Securities and Exchange Act of 1934 in connection with the “going private” merger of Consumers into Lincoln American Life Insurance Company (“Lincoln Life”), a wholly-owned subsidiary of Lincoln American Corporation (“Lincoln American”). In the latest chapter of this seemingly interminable litigation, defendants have moved for:(1) summary…