United States Second Circuit

Where plaintiffs did not hold stock in defendant bank at the time of alleged wrongdoing, they lack standing to bring a derivative lawsuit, even under the so-called "continuing wrong doctrine." Denial of motion to intervene affirmed. (Republished opinion)

Appellate Information

• Decided 02/25/2003
• Published 02/26/2003

Judges

• JOSÉ A. CABRANES, Circuit Judge., Before:  OAKES and CABRANES, Circuit Judges, and PRESKA, District Judge.

Court

• United States Second Circuit

Counsel

• For Appellant:
  
• Francis Karam, Milberg Weiss Bershad Hynes & Lerach LLP, New York, NY (Melvin I. Weiss, Richard H. Weiss, and Mark T. Millkey, Milberg Weiss Bershad Hynes & Lerach LLP, New York, NY;  Karen L. Morris and Patrick F. Morris, Morris and Morris LLC, Wilmington, DE;  Robert I. Harwood and Samuel Rosen, Wechsler Harwood Halebian & Feffer, LLP, New York, NY, on the brief), for Plaintiffs-Appellants and proposed Intervenor-Appellant, A. Norman Drucker.


• For Appellees:
  
• Richard H. Klapper, Sullivan & Cromwell (John L. Warden, Bruce E. Clark, Marc De Leeuw, Todd G. Cosenza and Christina M. Frohock, Sullivan & Cromwell;  Andrew M. Lawler and Sharon Feldman, Andrew M. Lawler, PC;  Lawrence Byrne and Lance Croffoot-Suede, White & Case, on the brief), New York, NY, for Nominal Defendants-Appellees and Defendants-Appellees., Andrew J. Levander and David S. Hoffner, Swidler Berlin Shereff Friedman, LLP, David E. Nachman, Solomon, Zauderer, Ellenhorn, Frischer & Sharp, Stephen E. Kaufman, Stephen E. Kaufman, P.C., for Defendant-Appellee J. Carter Bacot, Charles A. Stillman and James Mitchell, Stillman & Friedman, P.C., for Defendant-Appellee Deno D. Papageorge.