In an opinion following post-trial arguments, the Delaware Court of Chancery last week dismissed with prejudice shareholder derivative claims brought by Microsoft Corp. against the CEO of a British Virgin Islands company, saying the court lacked personal jurisdiction under Delaware’s long-arm statute.
Microsoft had claimed Henry Fung, CEO of Vadem Ltd., breached his fiduciary duties by using a corporate restructuring to increase his financial stake in the company’s patents and then usurped the company’s opportunity to sell the intellectual property to a third party.
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