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Castellano v. Young & Rubicam, Inc.

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Argued: March 19, 2001

Castellano was an employee shareholder of Young & Rubicam (Y&R, a closely-held corporation. Shortly after Castellano resigned from the firm and resold his shares to Y&R, it entered into a leveraged recapitalization that reaped valuable rewards for shareholders. Castellano brought federal and state claims based both on Y&R’s alleged misrepresentations regarding the leveraged recapitalization and its failure to inform him of various negotiations and decisions that preceded the recapitalization. The district court dismissed all claims on Y&R’s motion for summary judgment, based on Castellano’s failure to show materiality as to some claims, reliance as to others and loss causation as to the remainder.

Affirmed in part, vacated in part and remanded.

 
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