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2 Key 10th Circ. Holdings In Western Union Derivative Suit

Law360 (May 21, 2019, 3:01 PM EDT) -- On April 16, 2019, the U.S. Court of Appeals for the Tenth Circuit decided City of Cambridge Retirement System et al. v. Hikmet Ersek et al.,[1] a little-noticed decision but one that, nonetheless, has broad implications for shareholder derivative actions. The case concerned shareholders’ allegations that the officers and directors of the Western Union Company breached their fiduciary duties to the company by willfully failing to implement and maintain an effective anti-money laundering compliance program.

In one fell swoop, the decision resolves an issue of first impression within the Tenth Circuit, exacerbates an existing circuit split, clarifies the necessity of presuit...

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