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GABELLI & CO. v. LIGGETT GROUP INC.

479 A.2d 276 (1984)

GABELLI & CO., INC., Profit Sharing Plan, Plaintiff Below, Appellant, v. LIGGETT GROUP INC., Grand Metropolitan Limited, and GM Sub Corporation, Defendants Below, Appellees.

Supreme Court of Delaware.

Decided: May 29, 1984.

Attorney(s) appearing for the Case

Victor F. Battaglia and Samuel R. Russell of Biggs & Battaglia, Wilmington, Ronald Litowitz (argued), and Jeffrey A. Klafter of Bernstein, Litowitz, Berger & Grossmann, New York City, David Perlmutter of Karpatkin, Pollet, Perlmutter & Bell, New York City, of counsel, for plaintiff below, appellant.

R. Franklin Balotti and Jesse A. Finkelstein of Richards, Layton & Finger, Wilmington, John L. Warden and Gandolfo V. DiBlasi (argued), of Sullivan & Cromwell, New York City, of counsel, for defendants below, appellees.

Before HERRMANN, C.J., MOORE and CHRISTIE, JJ.

HERRMANN, Chief Justice:

This appeal from the Court of Chancery involves a class action brought by a minority stockholder to compel the payment of a dividend on the theory that the majority stockholder breached its fiduciary duty to the minority stockholders by causing the corporation to refrain from declaring the dividend solely for the purpose of enabling the majority stockholder to obtain the dividend funds for itself...

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