Samuel R. Shielcrawt, Suing on Behalf of Themselves and All Other Stockholders of Corn Products Refining…

Summary

The New York Court of Appeals reversed the order requiring the plaintiff shareholders to post security, holding that section 61‑b of the General Corporation Law does not apply to derivative actions that were pending when the statute became effective. The Court based its decision on the lack of an unequivocal legislative intent to apply the statute retroactively.