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HOME INS. CO. OF IL (NH) v. SPECTRUM INFO. TECH.

No. 95 CV 3744 (FB).

930 F.Supp. 825 (1996)

The HOME INSURANCE COMPANY OF ILLINOIS (NEW HAMPSHIRE), Plaintiff, v. SPECTRUM INFORMATION TECHNOLOGIES, INC., Peter T. Caserta, Dana Verrill, A. Werner Pleus, John Rule, Albert Panico, John Sculley, Salvatore Marino, Andrew Migliorini, John P. Bohrman, A.C. Dalton, Joseph H. Allen, Edward N. Maskaly, Christopher T. McGowan, Ronald S. Glassner, Bernard H. Gudvi, Phillip E. Jennings, Kailas J. Rao, and John Does 1-100, Defendants.

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

July 15, 1996.

Attorney(s) appearing for the Case

Ohrenstein & Brown, New York City, for Home Ins. Co.

Brown & Wood, Jones, Day, Reavis & Pogue, New York City, for Peter Caserta.

Proskauer, Rose, Goetz & Mendelsohn, New York City, for John Sculley.

Cleary, Gottlieb, Steen & Hamilton, Goodkind, Labaton, Rudoff & Sucharow, New York City, for Spectrum Information Technologies, Inc.

Siff Rosen, P.C., New York City, Ross, Dixon & Masback, L.L.P., Washington, DC, for Aetna Casualty & Surety Co.

Peterson & Ross, New York City, for Agricultural Excess & Surplus Insurance Co.

Dominic F. Amorosa, New York City, for Albert Panico.

Mark B. Rosen, Hackensack, NJ, for Dana Verrill, A. Werner Pleus and John Rule.

Lehman & Gikow, New York City, for Joseph Allen.

MEMORANDUM AND ORDER

BLOCK, District Judge:

Plaintiffs Home Insurance Company of Illinois ("Home") and Aetna Casualty and Surety Company ("Aetna") bring this action for declaratory relief and rescission pursuant to 28 U.S.C. §§ 157(d), 1334, and 2201, claiming that none of the defendants in this action (collectively referred to hereafter as "Spectrum" unless otherwise indicated) are entitled to directors' and officers' ("D & O") liability...

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