2nd Circ. Turns To Mass. High Court In Derivative Suit

By Nick Brown

Law360, New York (January 04, 2010, 6:05 PM ET) -- In a shareholder suit brought against investment fund Citifunds Trust III, a federal appeals court has asked Massachusetts' highest court to determine the scope of a state statute protecting companies from potentially harmful derivative actions.

The U.S. Court of Appeals for the Second Circuit on Dec. 29 declined to rule on an appeal from a shareholder accusing a Massachusetts investment fund's board of directors of breaching its fiduciary duty, citing the need to clarify a state statute that requires courts to throw out derivative suits if...
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