Busher v. Barry, Jr. et al, 14-cv-04322-NSR-JCM

On March 28, 2016, the Honorable Nelson Román denied the Defendants' motion for summary judgment in its entirety. Lovell Stewart is lead counsel in this shareholder derivative action, alleging breach of fiduciary duty, unjust enrichment, and violation of New York Business Corporation Law § 720.  The derivative suit seeks damages based on what the holding company would have gained had market-value lease payments been made for the six-year period prior to the filing date been made, and an injunction nullifying the lease.  The Complaint alleged that "the net effect of the club's fraudulent plan and scheme was to shift hundreds of millions of dollars of equity and financial value from the holding company and its shareholders to the Club and its members." For more information, please contact John Halebian, Esq. (JHalebian@lshllp.com)