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RICHARDSON v. U.S. NEWS & WORLD REPORT, INC.

Civ. A. No. 85-2195.

639 F.Supp. 595 (1986)

David B. RICHARDSON, et al., Plaintiffs, v. U.S. NEWS & WORLD REPORT, INC., et al., Defendants.

United States District Court, District of Columbia.

July 7, 1986.

Attorney(s) appearing for the Case

E. Roger Frisch, New York City, George A. Bangs and Joseph M. Butler, Rapid City, S.D., and Raoul L. Carroll, Washington, D.C., for plaintiffs.

Richard J. Leighton and Avis Black, Washington, D.C., for defendant-intervenor Save the Fund.

Leslie A. Nicholson, Jr., Hannah E.M. Lieberman, Thomas J. Catliota and Jonathan T. Cain, Washington, D.C., for U.S. News, Madana Realty.

Lawrence Latto, William Galeota and Julie Melamud, Shea & Gardner, Washington, D.C., for Profit-Sharing Plan.

Richard J. Wertheimer, Hadrian Katz and Edward Wolf, Washington, D.C., for Directors.

Willis B. Snell, Willard K. Tom, Steuart H. Tomsen and Eric N. Miller, Washington, D.C., for American Appraisal Associates, Inc.

MEMORANDUM OPINION

BARRINGTON D. PARKER, Senior District Judge:

On July 10, 1985, plaintiffs filed this action against their former employer, U.S. News & World Report, Inc. ("U.S. News" or "Company"), a weekly news magazine, as well as against eight of its former directors, the U.S. News Profit-Sharing Plan ("Plan"), and American Appraisal Associates, Inc. ("American Appraisal"), an independent appraisal firm. They charge that defendants collectively...

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