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Pastore & Dailey Defeats Another Billionaire Motion to Dismiss

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Published On: March 18, 2021

     Pastore & Dailey successfully defeated a Motion to Dismiss in a case against a billionaire and an AM Law 200 firm in a case in front of the Complex Litigation Docket in Stamford. The case involves complex direct and derivative shareholder claims in which the claim for damages is more than $65 million. Pastore & Dailey’s client is one of the shareholders of a two-shareholder company and defendant billionaire is the other shareholder. The Motion to Dismiss sought to dismiss certain counts of the complaint for lack of subject matter jurisdiction. The Court, however, agreed with Pastore & Dailey’s contention that a shareholder in a two-shareholder action can bring a derivative action against the other shareholder and denied the Motion to Dismiss.