New York Court of Appeals

Independent Investor Protective League, Appellants v. Time, Inc., Respondent, Defendants

May 8, 198050 N.Y.2d 259

Summary

The New York Court of Appeals held that shareholders of a corporation that has been dissolved and whose assets have been distributed may maintain a derivative action. The court reversed the Appellate Division’s summary‑judgment dismissal, finding that dissolution does not defeat the shareholders' standing under BCL §626(b).