High Court To Determine Whether Presuit Demand Was Necessary In Securities Suit

WASHINGTON, D.C. - The U.S. Supreme Court on June 24 agreed to hear an appeal of a First Circuit U.S. Court of Appeals ruling in a shareholder derivative lawsuit and determine whether the Circuit Court abused its discretion in determining that shareholders had properly shown that demand on investment funds' boards of directors was futile (UBS Financial Services Inc. of Puerto Rico, et al. v. Union de Empleados de Muelles de Puerto Rico PRSSA Welfare Plan, et al., No. 12-1208, U.S. Sup.).

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