Brendan Macaulay Noted for Work on Shareholder Suit


Brendan Macaulay was quoted in the Law360 story “Real Estate Exec Can't Escape Shareholder's Self-Dealing Suit.” The piece provides an overview of Brendan’s case—Molly Tracy et al. v. John H. Morris et al—and notes U.S. District Court Judge Kenly Kiya Kato’s recent ruling that “a derivative shareholder suit accusing the president of real estate management and investment firm [Tramor] of misusing nearly $35 million of company revenue now passes the so-called Zuckerberg test since the plaintiff sufficiently pled that demand on the company's board members would be futile.”

Commenting on this positive ruling for the client, Brendan told Law360 the “court's ruling allows them to pursue claims on behalf of all shareholders against Morris and Tramor, and ensures that any misused assets are returned.” He added, “The court agreed that, because of financial and personal relationships between defendant John Morris and the other directors of TPI, it would have been pointless for plaintiff Molly Tracy to ask Tramor Properties Inc. to sue Mr. Morris for the alleged self-dealing and improper use of corporate assets.”

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