In a case raising an issue of first impression in both Delaware and British Virgin Islands corporate law, the Delaware Court of Chancery has ruled that the British Virgin Islands Business Companies Act of 2004, which requires shareholders to seek leave from the High Court of the British Virgin Islands prior to filing derivative claims against companies incorporated under the act, can be applied retroactively to claims that occurred prior to its passage.
Vice Chancellor Donald F. Parsons Jr. issued the opinion inMicrosoft v. Vadem when he dismissed a patent lawsuit filed by Microsoft Inc. against Vadem Ltd., a technology company incorporated in the BVI.
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