High Court Takes On Board Review Standard In UBS Appeal

Law360, Chicago (June 24, 2013, 12:57 PM EDT) -- The U.S. Supreme Court on Monday agreed to hear UBS Financial Services Inc.’s appeal in a shareholder derivative suit accusing a UBS unit of selling $757 million in bad bonds to Puerto Rico pension funds, taking on a case that could clarify the standard of review for so-called demand futility arguments between shareholders and a board of directors.

The high court granted certiorari to the Swiss banking giant, according to an order, six months after the First Circuit revived the case on the basis that the...
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