AIENA v. OLSEN

Nos. 97 Civ. 8713(LAK), 98 Civ. 5549(LAK).

69 F.Supp.2d 521 (1999)

Sam W. AIENA, et al., Plaintiffs, v. David A. OLSEN, et al., Defendants. Burt N. Sempier, Plaintiff, v. David A. Olsen, et al., Defendants.

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

October 12, 1999.


Attorney(s) appearing for the Case

Michael L. Hirschfeld, Scott A. Edelman, Milbank, Tweed, Hadley & McCloy, New York City, for Plaintiffs in Aiena.

Gerald A. Liloia, Julian W. Wells, Riker, Danzig, Scherer, Hyland & Perretti LLP, Morristown, NJ, for Plaintiff Burt N. Sempier.

Paul C. Saunders, Elizabeth L. Grayer, Cravath, Swaine & Moore, New York City, for Defendants.

William P. Frank, Marco E. Schnabl, Skadden, Arps, Slate, Meagher & Flom LLP, New York City, for Corporate Defendants.


OPINION

KAPLAN, District Judge.

In March 1997, Johnson & Higgins ("J & H"), a well known and closely held insurance firm, was sold to Marsh & McLennan Companies, Inc. ("Marsh") for aggregate consideration valued at $1.8 billion. Plaintiffs, former J & H director-shareholders who retired prior to the Marsh deal and, upon retirement, sold their J & H shares back to the company for certificates entitling them to receive for ten years payments...

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