Vice Chancellor Lori Will, of the Delaware Court of Chancery. Courtesy photo.
In her post-trial decision Thursday, Vice Chancellor Lori Will called the litigation pitting one half of Aerojet Rocketdyne Holdings’ board against the other a cautionary tale for other corporations with an even number of directors.
In a 66-page opinion Will found one side violated the principle of corporate neutrality by using company resources to promote its board nomination slate over others without approval from a majority of the board.
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