Garfield v. Equitable Life Assurance Society of United States

Motions 2260 and 2320 are consolidated and disposed of as follows.

In a derivative action, the defendants, Equitable Life Assurance Society of the United States, Murphy, Dow, Klein and *284Hogg, move to dismiss the complaint for legal insufficiency and plaintiff’s incapacity to sue. Plaintiff since 1928 has been and is a policyholder of Equitable. The individual defendants are charged as directors of Equitable. The complaint alleges the making of investments in real property by the defendants in violation of provisions of the Insurance Law. In addition, the complaint alleges improvident leasing of…