Delaware’s standard has been adopted by a unanimous state appeals panel for distinguishing direct and derivative claims in a lawsuit over the alleged mismanagement of a Long Island shopping center because New York has so far “lacked a clear approach” to the problem.
In an opinion yesterday, Justice Karla Moskowitz (See Profile) of the Appellate Division, First Department, said the Delaware standard, laid out in the 2004 Delaware Supreme Court case Tooley v. Donaldson, Lufkin & Jenrette, 845 A2d 1031, 1039, “is consistent with New York law and has the added advantage of providing a clear and simple framework to determine whether a claim is direct or derivative.”
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