Shapiro, Lifschitz & Schram

“They are a 24/7 firm – it gets done regardless.”

Marty Saturn – Executive Vice President, Meisel Capital Partners

Landmark Decision in Shareholder Derivative Suit

We represented several corporate officers and directors, and partnership managing partners, in a case that combined two shareholder derivative actions and a number of partnership rights actions. Minority shareholders and partners sought more than $200 million in damages for alleged mismanagement and abuse of corporate offices and partnership positions. Separate claims involving transactions over a 30-year period were advanced by the plaintiffs. The plaintiffs’ claims related to companies incorporated in two different states and a number of partnerships in a third jurisdiction, so that the law of several jurisdictions was applicable to the various claims. Several motions, hearings and trial court rulings resulted in the plaintiffs abandoning their partnership claims and waiving their position that shareholder demand upon the two corporate boards of directors should be excused as futile. The plaintiffs then made demand upon the two boards to file suit against several officers and directors. We counseled our clients to form disinterested director “demand committees” to undertake, on behalf of the corporations, independent evaluations of the shareholder demands. The demand committee’s report, which found no mismanagement or abuse, was accepted by the trial court; the attempted shareholders derivative action was summarily dismissed; and the result was affirmed on appeal in a precedent setting and now frequently cited decision in the State of Maryland.

Did You Know . . .

Members of the SLS trial group have tried in excess of 50 jury trials and 75 bench trials?

The SLS construction group has worked on sports stadiums across the country including Orioles Park in Baltimore and Paul Brown Stadium in Cincinnati?

The SLS construction group has worked on power plant projects across the country?

In 2007 SLS was selected for an Honorable Mention as one of the Best Places To Work in Washington DC?

Ron Shapiro, Steve Schram and Judd Lifschitz have all been selected as SuperLawyers by Law and Politics?

The SLS office building is an historic townhouse constructed in the late 1800s?

SLS has been selected by Martindale-Hubbell as a Preeminent Law Firm?

SLS trial lawyers have argued appeals in the U.S. Circuit Courts of Appeal for the 4th, 5th, 9th, D.C. and Federal Circuit?

SLS trial lawyers have been lead trial counsel in cases in Arizona, California, District of Columbia, Florida, Louisiana, Maryland, New Jersey, New York, North Carolina, Oregon, Texas, and Virginia, - to name just a few?

Virtually all the cases that SLS trial lawyers mediated have been favorably settled at mediation?

The transactional group at SLS was lead counsel on one of the largest, most complex mixed-use projects in downtown Washington, DC involving 4 lenders and 6 property owners?

In appreciation for the outstanding efforts of each of its employees during 2007, SLS gave everyone (attorneys, paralegals, and staff) a 4 day/3 night expense paid trip to Key West, Florida?

The transactional group at SLS has represented tenants in more than 200 retail leases in the Mid-Atlantic region?

Every attorney in the transactional group at SLS has at least 15 years experience?

The transactional group at SLS has represented developers in the purchase, construction, financing and/or sale of more than 75 multi-family apartment projects?

The transactional group at SLS has represented real estate investors and developers with respect to property in Pennsylvania, West Virginia, Delaware, Maryland, the District of Columbia, Virginia, North Carolina, South Carolina, Georgia, Florida, Texas, Tennessee, Michigan and the U.S. Virginia Islands?

Attorneys in the transactional group at SLS have represented eight national banks in commercial real estate loans?

Attorneys in the transactional group at SLS have represented the FDIC, the Resolution Trust Corporation and several banking institutions in loan workout transactions throughout the Mid-Atlantic region?

The transactional group at SLS has represented homebuilders and commercial real estate developers in work-outs of individual loans and also for work-outs of large portfolios involving dozens of properties in several states?

The trial lawyers of SLS have numerous reported decisions to their credit?