Perspective
Mar. 10, 2015
Demand futility, Delaware style
The state high court recently refused to review a decision that brings California into line with Delaware and other jurisdictions. By Jordan Eth, Kevin Calia and Robert O'Leary
For years, plaintiffs have avoided filing shareholder derivative suits involving California-based Delaware corporations in Delaware courts and filed in California courts instead. One reason for this is the potential that California courts would permit plaintiffs to obtain discovery to help them meet the stringent standards for pleading "demand futility," something Delaware courts have long forbidden. ...
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