In a case that could offer a template for other companies looking to cut off shareholder class actions, lawyers from Foley & Lardner secured dismissal with prejudice last week of a suit against Emergent Capital Inc. in Florida federal court.
The suit challenged a first-of-its-kind bylaw adopted by the company’s board of directors last year. Under the provision, before any would-be plaintiffs can file a shareholder suit, they must first obtain written consent from 3 percent of the company’s shareholders.
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