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New Jersey Law Journal

Appellate Division Gives Trial Courts Power to Rescind LLC Dissolution Certificates

"For the reasons that follow, we agree the LLC statutes do not empower the Department to rescind such certificates administratively, in the absence of a court order directing such relief," Presiding Appellate Division Judge Jack M. Sabatino said in his written opinion for the court.
4 minute read

Delaware Business Court Insider

Shareholder Primacy in Delaware Corporation Law: Court of Chancery Makes Clear That Delaware Law Assumes 'Single-Firm Model'

The Delaware Court of Chancery recently had the opportunity to weigh in on a plaintiff's unique theory of director and officer fiduciary duties arising out of the stakeholder capitalism model of corporate governance.
7 minute read

Delaware Business Court Insider

Chancery Reviews SPAC Precedents and Dismisses Complaint for Failure to Show Impairment of Stockholders' Redemption Rights

In the recent decision of In re Hennessy Capital Acquisition IV Shareholder Litigation, the Delaware Court of Chancery observed that the ensuing "abundance of SPAC fiduciary duty claims suggests that stockholder plaintiffs have taken notice," and that SPAC litigation had become "ubiquitous" in the court.
10 minute read

Delaware Business Court Insider

Rare Opposition to Proposed Del. Corporate Law Changes Is Voiced to House Committee

The current proposal has spurred pushback well beyond the norm, with 50 law professors sending a letter to legislators urging them to reconsider passing the bill and instead leave the questions raised by Moelis to be addressed on appeal by the Delaware Supreme Court.
5 minute read

Corporate Counsel

Judge Dismisses Exxon Suit Against Investor, Defusing Showdown That Sparked Outrage

Federal Judge Mark Pittman ruled the case became moot after Arjuna Capital promised to withdraw the climate change shareholder proposal that had spurred the lawsuit and to never submit anything similar again.
4 minute read

Corporate Counsel

More GCs Join Corporate Boards, but 'Legal Functionary' Stereotype Creates Headwind

"The law teaches us how to think about both sides of things, how to anticipate issues, how to see around the corner, and all of those skills are very, very important to be a valuable board member," said ex-AbbVie Chief Legal Officer Laura Schumacher, a director of two companies.
6 minute read

International Edition

Brazil Sees Diminishing Dividends From 'Car Wash' Probe 

Reversals of high-profile rulings related to the groundbreaking "Car Wash" graft investigation tarnish the South American country's compliance gains.
5 minute read

Delaware Business Court Insider

Court Battle Over Musk's Compensation Is Far From Over, Even After Ratification Vote, Experts Say

The vote doesn't negate the Delaware Chancery Court's decision faulting the process by which Tesla's board originally approved the CEO's pay package.
3 minute read

Delaware Business Court Insider

'The Preposterous Has Become Reality': Chancery Filings Continue to Target Musk, Tesla Board

Complaints in Delaware court allege that Elon Musk sought to take AI-related projects elsewhere if he could not maintain a 25% equity stake in the electric car manufacturer.
3 minute read

Law.com

Inside Track: Most Companies Try to Keep Shareholder Ire in Check. Exxon Is Blazing a Different Trail

"How can shareholders effectively hold a giant like Exxon accountable while facing legal retribution?" said Georgia Stewart, CEO of Tumelo, an investor-engagement platform.
6 minute read

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