Opinion
16681 650294/12
01-19-2016
CITY OF ROSEVILLE EMPLOYEES' RETIREMENT SYSTEM, etc., Plaintiff–Appellant, v. James DIMON, et al., Defendants–Respondents, JPMorgan Chase & Co., Nominal Defendant–Respondent.
Paradis Law Group, PLLC, New York (Gina M. Tufaro of counsel), for appellant. Debevoise & Plimpton LLP, New York (Gary W. Kubek of counsel), for respondents.
Paradis Law Group, PLLC, New York (Gina M. Tufaro of counsel), for appellant.
Debevoise & Plimpton LLP, New York (Gary W. Kubek of counsel), for respondents.
Opinion
Order, Supreme Court, New York County (Melvin L. Schweitzer, J.), entered January 16, 2015, which granted defendants' motion to dismiss the complaint, unanimously affirmed, without costs.
The motion court correctly determined that plaintiff failed to adequately plead demand futility based on defendants' lack of disinterest or breach of the duty of loyalty (see Rales v. Blasband, 634 A.2d 927, 936 [Del.1993] ). The complaint fails to allege particularized facts showing the substantial likelihood of defendants' personal liability as a result of any intentional misconduct, that they consciously failed to implement any sort of risk monitoring system or that, having implemented such a system, they consciously disregarded red flags (see e.g. Security Police & Fire Professionals of Am. Retirement Fund v. Mack, 93 A.D.3d 562, 940 N.Y.S.2d 609 1st Dept.2012 ).
MAZZARELLI, J.P., ANDRIAS, MOSKOWITZ, GISCHE, JJ., concur.