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POWERS v. BRITISH VITA, P.L.C.

No. 92 CV 4000 MP.

969 F.Supp. 4 (1997)

Lawrence M. POWERS, Plaintiff, v. BRITISH VITA, P.L.C., Rodney H. Sellers, Francis J. Eaton, Bradley B. Beuchler, TCW Capital, TCW Special Placements Fund I, TCW Special Placements Fund II, Thomas L. Cassidy, W. R. Clerihue, and Spartech Corporation, Defendants.

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

February 11, 1997.

Attorney(s) appearing for the Case

Skadden, Arps, Slate, Meagher & Flom, LLP by Henry P. Wasserstein, Angela G. Garcia, New York City, for Plaintiff.

Milbank, Tweed, Hadley & McCloy by Scott Edelman, Andrew E. Tomback, New York City, for Defendants British Vita, Rodney H. Sellers, and Francis J. Eaton.

Sullivan & Gallion by Susanne M. Toes, Charles Sullivan, Daniel O'Connell, New York City, for Defendants Spartech Corporation, TCW Capital, TCW Special Placements Fund I, TCW Special Placements Fund II, W.R. Clerihue, Bradley B. Buechler, and Thomas L. Cassidy

DECISION ON COUNTS II AND III OF THE COMPLAINT

POLLACK, District Judge.

THE COURT: The defendants contend that Count II should be dismissed because Powers, as an option holder, is owed no fiduciary duties. Plaintiff concedes that fiduciary duties are not owed to purchasers of options on the open market for speculative purposes but argues that such duties are owed to employees with "sweat" options. Plaintiff claims that option holders whose options were not...

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