New York Court of Appeals
Pinnacle Consultants, Ltd., Doing Business as Testa Pinnacle Consultants, on Its Own Behalf and on Behalf of…
February 17, 200094 N.Y.2d 426
Summary
The New York Court of Appeals affirmed the Appellate Division's dismissal of Pinnacle Consultants' derivative suit, holding that the plaintiff failed to state a claim for breach of fiduciary duty or corporate waste, that Business Corporation Law § 612(b) did not bar a partnership from voting its shares, and that Pinnacle lacked standing and was estopped because it did not vote against the merger.