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Shareholder Should Not Have Been Awarded Damages Individually Re: a Derivative Cause of Action

The Second Department determined Supreme Court erred in awarding damages to a shareholder individually because the shareholder had sued on behalf of the closely held corporation:

A shareholder of a corporation, even of a closely held corporation, may not recover in his or her individual capacity for wrongs committed against the corporation, and any recovery obtained pursuant to a derivative cause of action asserted by a shareholder is obtained for the benefit of the injured corporation … . Sakow v Waldman, 2015 NY Slip Op 00742, 2nd Dept 1-28-15

 

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