Simpson Thacher Obtains Dismissal of Shareholder Derivative Suit Against Morgan Stanley
12.10.10
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In a decision dated December 9, 2010, Justice Shirley W. Kornreich of the New York State Supreme Court, Commercial Division, dismissed a purported shareholder derivative suit filed against Morgan Stanley, its board of directors, and several executive officers. The plaintiffs challenged the total compensation paid to all company employees during 2006, 2007 and 2009. Simpson Thacher, on behalf of the outside directors of the board, moved to dismiss the suit for failure to make a pre-suit demand on the board. Justice Kornreich granted the motion, and dismissed the suit with respect to all defendants on this basis. Bruce Angiolillo argued the motion on behalf of the outside directors.
The Simpson Thacher team was comprised of Bruce Angiolillo, Jonathan Youngwood, Chantale Fiebig and Kate Rose and paralegal Jennifer Ross.