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RETIREMENT PLAN FOR GENERAL EMPLOYEES OF CITY OF NORTH MIAMI BEACH v. McGRAW

5684. 652695/15.

158 A.D.3d 494 (2018)

71 N.Y.S.3d 27

2018 NY Slip Op 01027

RETIREMENT PLAN FOR GENERAL EMPLOYEES OF THE CITY OF NORTH MIAMI BEACH et al., Appellants, v. HAROLD McGRAW III et al., Respondents. McGRAW HILL FINANCIAL, INC., Nominal Respondent.

Appellate Division of the Supreme Court of New York, First Department.

Decided February 13, 2018.

In this derivative action, plaintiff shareholders of nominal defendant McGraw Hill Financial, Inc. (McGraw Hill) allege breaches of fiduciary duty, mismanagement, and waste of corporate assets by McGraw Hill's board of directors and officers, in connection with McGraw Hill's former subsidiary Standard & Poor's Ratings Services' (S&P) rating of subprime-backed residential mortgage-backed securities (RMBS) and collateralized debt obligations (CDOs).

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