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Earlier this year the United States Courts of Appeals for the Seventh and Ninth Circuits each addressed the question of whether an exclusive forum provision adopted by a Delaware...
The Seventh Circuit issued a resounding message: Delaware forum selection clauses in corporate bylaws cannot lawfully prevent a plaintiff from bringing claims under the Securities...
The Seventh Circuit issued a resounding message: Delaware forum selection clauses in corporate bylaws cannot lawfully prevent a plaintiff from bringing claims under the Securities Exchange Act of 1934 (the Exchange Act or the Act) in federal court.
To print this article, all you need is to be registered or login on Mondaq.com. We have discussed in previous alerts a spate of shareholder lawsuits alleging corporate fiduciary breaches and securities law violations tied to the defendant company's alleged failure to fulfill diversity aspirations. ( Seehere and here.) In other alerts we have focused on charter and bylaw forum selection provisions and related court decisions which mandate that stockholders bring derivative and breach of fiduciary claims in the Delaware Court of Chancery, but also require that Securiti...
To embed, copy and paste the code into your website or blog: We have discussed in previous alerts a spate of shareholder lawsuits alleging corporate fiduciary breaches and securities law violations tied to the defendant company’s alleged failure to fulfill diversity aspirations. ( Seehere and here.) In other alerts we have focused on charter and bylaw forum selection provisions and related court decisions which mandate that stockholders bring derivative and breach of fiduciary claims in the Delaware Court of Chancery, but also require that Securities Act of 1933 cases be filed in a federal...