Shipping Co. Danaos Wins Dismissal Of Shareholder Suit

Law360, Los Angeles (July 03, 2013, 9:18 PM ET) -- A Marshall Islands high court on Wednesday approved a motion to dismiss with prejudice a shareholder derivative action against Greek shipping company Danaos Corp., saying allegations that the board of directors breached its fiduciary duty were flawed.

Associate Justice James H. Plasman said that the plaintiff, shareholder George R. Cockle, didn't have any authority in claiming that the Danaos board of directors did not act in good faith and wasn't properly informed about the market conditions and terms that would have been available in a broader...
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