Directors And Officers: Shareholders Can't Claim That Presuit Demand Is Futile

WILMINGTON, Del. - Certain directors and officers being sued for breach of fiduciary duty by a shareholder say in a Feb. 2 filing in the Delaware Chancery Court that the shareholder is precluded from litigating demand futility because another court has ruled, in a shareholder derivative action based on the same underlying facts, that demand is not futile (Louisiana Municipal Police Employees' Retirement System v. David Pyott, et al., No. 5795-VCL, Del. Chanc.). Full story on lexis.com