A shareholder claims in a new Court of Chancery complaint that Moelis & Co.’s board is contractually unable to make decisions without the go-ahead from a holding company run by its CEO, violating Delaware law.

Saxena White has filed the case on behalf of a shareholding pension fund for firefighters in West Palm Beach, Florida, asking the court to declare that by allowing a holding company controlled by Moelis’ founder, CEO and chairman, Kenneth Moelis, to unilaterally veto board decisions, the New York-headquartered investment bank is currently undermining the core Delaware legal concept that a corporation is meant to be controlled by its board of directors.

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