The Delaware Supreme Court has once again publicly rebuked Delaware Court of Chancery Chancellor Leo E. Strine Jr. in a sharply worded footnote. Although the high court affirmed Strine’s decision in Winshall v. Viacom, the justices criticized the chancellor for expressing his view favoring the federal plausibility standard for dismissing a complaint over Delaware’s conceivability standard.
“The trial court’s opinion was not the appropriate medium to reargue the issue,” said Justice Jack B. Jacobs. “Procedurally, no party contested the applicability of the traditional reasonable conceivability standard. And, substantively, the court’s statement of personal belief overlooks the fact that a majority of the justices of the United States Supreme Court — who authored [Bell Atlantic v.] Twombly and [Ashcroft v.] Iqbal — had concluded the contrary.”
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