In its April 26, 2023 opinion in Ontario Provincial Council of Carpenters’ Pension Trust Fund v. Walton, the Delaware Court of Chancery provides a cautionary lesson for corporate boards and their counsel on the risks of sharply limiting the scope of responses to shareholder demands for information. No. 2021-0827-JTL, 2023 WL 3093500 (Del. Ch. April 26, 2023).
In Walton, the court denied the defendants’ motion to dismiss, in large part due to Walmart’s decision to both extensively redact and withhold as privileged documents the company produced in response to a books and records demand under Delaware law.
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