New York Court of Appeals

Sylvia A. Marx, Appellant v. John F. Akers, Respondents

April 25, 199688 N.Y.2d 189

Summary

The New York Court of Appeals affirmed the Appellate Division's dismissal of a shareholder derivative suit against IBM, holding that the plaintiff was not excused from making a demand regarding executive compensation, was excused for the outside directors' compensation claim because the majority of the board was interested, and failed to state a cause of action for corporate waste.