Litigation Group Wins Dismissal of Application for Permanent Receiver
The Nassau County Supreme Court in March 2019 granted Kane Kessler’s motion to dismiss a lawsuit wherein the plaintiff, a shareholder in a closed corporation, sought the appointment of a permanent receiver. The Court ruled, inter alia, that the appointment of a receiver is a provisional remedy and not a form of ultimate relief. The Court also ruled that a claim based upon corporate waste must be brought derivatively on behalf of the corporation, not in the name of the individual shareholder. The attorneys on the matter were Dana M. Susman and Gerard Schiano-Strain.