A group of pension funds that challenged the exclusive-forum provisions adopted by Chevron Corp. and FedEx Corp. have dropped their lawsuit against the companies and now plan to have their unresolved claims heard in a forum other than the Delaware Court of Chancery. The plaintiffs filed their motion for dismissal without prejudice Monday, just days after they also opted not to pursue a Delaware Supreme Court appeal of Chancellor Leo E. Strine Jr.’s decision upholding the exclusive-forum provisions.
Boilermakers Local 154 Retirement Fund and IClub Investment Partnership had filed two separate lawsuits in February 2012 challenging the corporate bylaws adopted by Chevron and FedEx that stipulated any lawsuits brought against the companies must be litigated in the Delaware Chancery Court. Strine consolidated the two cases, Boilermakers Local 154 Retirement Fund v. Chevron and IClub Investment Partnership v. FedEx, because they dealt with similar issues.
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