Q. Litigation has been brought against our co-op, its board of directors, and individual board members, accusing one or several members of the 2015/16 board of directors of malfeasance. If the allegations are substantiated in court, it could cost the shareholders of the co-op millions of dollars in non-recoverable damages and legal fees. The litigation/claims documents have been served to our board via our management office, and the management agent forwarded the claims documents to the co-op’s attorney, but no copy of the claims against the co-op is available for review by the shareholders.
The questions I have are:
According to the New York Business Corporation Law, are shareholders entitled to see the claims/complaint document to specify the charges against the co-op board and/or some of its members?
Would the process server leave a receipt or confirmation of the signed receipt or acceptance of the court papers by the management agent (recipient) at the management office?
—What Are Our Rights?