U.S. Supreme Court Dismisses Shareholder Derivative Appeal

U.S. Supreme Court Dismisses Shareholder Derivative Appeal

WASHINGTON, D.C. - The U.S. Supreme Court on Aug. 26 dismissed a petition for writ of certiorari appealing a First Circuit U.S. Court of Appeals ruling in a shareholder derivative lawsuit that sought determination as to whether the Circuit Court abused its discretion in ruling that shareholders had 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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