On a motion for reargument of a decision in a lawsuit brought by Zale Corp. shareholders, Vice Chancellor Donald F. Parsons Jr. said allegations of aiding and abetting corporate waste by the financial adviser to a merger of jewelry retailers, Merrill Lynch, Pierce, Fenner & Smith, should be tossed aside.
In a letter opinion, Parsons said the business judgment rule was the proper framework for scrutinizing the actions of the Zale board of directors, and therefore no case of gross negligence could be made by plaintiffs in the case.
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