McG Capital Corp. ex rel. Jenzabar, Inc. v. Maginn, 2010 Del. Ch. LEXIS 87 (Del. Ch. May 5, 2010)

LexisNexis Overview: Demand futility under Del. Ch. Ct. R. 23.1 was not excused as to derivative claims where a majority of the board was disinterested, independent, and not subject to personal liability due to an exculpatory provision under Del. Code Ann. tit. 8, § 102(b)(7); direct breach of fiduciary duty claims failed.

Counsel: David C. McBride, Martin S. Lessner, and Emily V. Burton, of YOUNG CONAWAY STARGATT & TAYLOR, LLP, Wilmington, Delaware; OF COUNSEL: John G. Fabiano, Daniel W. Halston, and Michael R. Dube, of WILMER CUTLER PICKERING HALE & DORR, LLP, Boston, Massachusetts, for Plaintiff.

Catherine G. Dearlove, Geoffrey G. Grivner, and Thomas A. Uebler, of RICHARDS, LAYTON & FINGER, P.A., Wilmington, Delaware, Peter J. Walsh, Jr., Abigail M. Legrow, and Daniel A. Mason, of POTTER ANDERSON & CORROON, LLP, Wilmington, Delaware; OF COUNSEL: Edward J. Naughton, of BROWN RUDNICK, LLP, Boston, Massachusetts, Robert Ullmann, of NUTTER McCLENNEN & FISH, LLP, Boston, Massachusetts, Stephen D. Poss and Kevin P. Martin, of GOODWIN PROCTER, LLP, Boston, Massachusetts, for Defendants.

Judge: CHANDLER, Chancellor.

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