The Delaware Court of Chancery has admitted a proxy statement as evidence in a breach of contract dispute under the residual exception to the hearsay rule. Although the use of proxy statements to verify the truth of the information detailed in the statements is considered hearsay, the court said it can be offered as evidence to provide details on how a contested transaction unfolded.
Vice Chancellor John W. Noble issued the letter opinion last month in Grunstein v. Silva , a case that has meandered through the Chancery Court since 2008 and has generated multiple opinions on various issues related to the dispute. The case has also spawned litigation in other courtrooms, including the U.S. District Court for the Southern District of New York and a pending case in the Circuit Court for Montgomery County, Md., which is captionedCapital Funding Group v. Walker & Dunlop .
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