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GOLAR v. DANIELS & BELL, INC.

No. 82 Civ. 0112 (KTD).

533 F.Supp. 1021 (1982)

Simeon GOLAR, on behalf of himself as a shareholder of Freedom National Bank of New York, and in the right of Freedom National Bank of New York, and on behalf of all other shareholders of said corporation similarly situated, Plaintiff, v. DANIELS & BELL, INC., Dan Bell Group, Inc., Travers J. Bell, Jr., Travers J. Bell, Sr., Frank Savage, James Dowdy, John H. Howell, Edward Lewis, Wyatt Tee Walker, Sharnia "Tab" Buford as President of Freedom National Bank of New York, Freedom National Bank of New York, Bedford-Stuyvesant Restoration Corporation, Harlem Commonwealth Council, Inc., and the Comptroller of the Currency, Defendants.

United States District Court, S. D. New York.

February 19, 1982.

Attorney(s) appearing for the Case

Leonard M. Simon, P. C., New York City, for plaintiff; Peter R. Silverman, New York City, of counsel.

Battle, Fowler, Jaffin & Kheel, New York City, for defendants Freedom National Bank of New York and Sharnia Buford; Gerald J. Fields, Raymond J. Soffientini, New York City, of counsel.

Warshavsky, Hoffman & Cohen, P. C., New York City, for defendants John H. Howell, Edward Lewis, Frank Savage and Wyatt Tee Walker; David W. Cohen, Suzanne M. Warshavsky, New York City, of counsel.

Parker, Auspitz, Neesemann & Delehanty, P. C., New York City, for defendant Bedford-Stuyvesant Restoration Corp.; Barrington D. Parker, Jr., New York City, of counsel.

Lewis W. Tyson, Jr., New York City, for defendant Harlem Commonwealth Council.

KEVIN THOMAS DUFFY, District Judge:

This is a stockholder derivative action alleging violations of the National Banking Act, 12 U.S.C. §§ 24, 51b(a) and 71, and of Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b). Plaintiff Simeon Golar is a director of the defendant Freedom National Bank of New York ["Freedom"] and owner of 971 shares of common stock of the bank. Freedom is a national bank and the only Black-owned and operated...

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