Bouchard Recommends New Rule in Wal-Mart Derivative Case
Chancery Court Chancellor Andre G. Bouchard on Tuesday recommended that Delaware's high court adopt a new rule to protect the due process rights of derivative plaintiffs who were beat to the courthouse by so-called "fast-filers" in other jurisdictions.
July 25, 2017 at 08:51 PM
3 minute read
Chancery Court Chancellor Andre G. Bouchard on Tuesday recommended that Delaware's high court adopt a new rule to protect the due process rights of derivative plaintiffs who were beat to the courthouse by so-called “fast-filers” in other jurisdictions.
The state Supreme Court, Bouchard said, should embrace dicta from a 2016 decision by Vice Chancellor J. Travis Laster that urged a second-filed case be allowed to proceed in Delaware until a foreign action survives a motion to dismiss or a company's board of directors declines to oppose the suit.
Bouchard's holding came in a 34-page supplemental opinion to his ruling last May, which dismissed a Wal-Mart Stores Inc. stockholders' derivative suit stemming from the alleged bribery of Mexican officials.
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