Publication Date: 2024-10-15
Practice Area: Corporate Governance
Industry: Financial Services and Banking | Federal Government
Court: Court of Chancery
Judge: Vice Chancellor Will
Attorneys: For plaintiff: Samuel L. Closic, John G. Day, Seth T. Ford, Prickett, Jones & Elliott, P.A., Wilmington, DE; Laurence Paskowitz, The Paskowitz Law Firm P.C., Rego Park, NY; Emily Komlossy, Komlossy Law, P.A., Hollywood, FL; Frederic S. Fox, Kaplan Fox & Kilsheimer LLP, New York, NY; Matthew M. Houston, Glancy Prongay & Murray LLP, New York, NY; D. Seamus Kaskela, Adrienne Bell, Kaskela Law LLC, Newtown Square, PA; Alfred G. Yates, Law Office of Alfred G. Yates, Jr., P.C., Pittsburgh, PA for plaintiffs.
for defendant: Kevin M. Gallagher, Spencer V. Crawford, Richards, Layton & Finger, P.A., Wilmington, DE; Sandra C. Goldstein, Victoria J. Ryan, Mike Rusie, Kirkland & Ellis LLP, New York, NY for defendants.
Case Number: 2022-1103-LWW
Court dismissed derivative complaint for lack of demand futility where board's minor disagreements with regulators over the terms of a consent order did not rise to a willful disregard of the law or failure of oversight to constitute a breach of the duty of loyalty.