7th Circ. Boeing Ruling Tears Open Forum Rift In Delaware

By Jeff Montgomery (January 13, 2022, 8:27 PM EST) -- Boeing shareholders still have an uphill fight ahead after winning a Seventh Circuit ruling that ran right through the crossroads of corporate law and a Catch-22 company bylaw restricting federal derivative claims to Delaware's Chancery Court, which is barred from hearing them.

Experts said the decision last week in Seafarers Pension Plan v. Robert Bradway, if upheld, closes a loophole in securities law seen as limiting stockholder rights, potentially reducing the risk federal regulators or Congress will see the state's corporation law as tilted too far in favor of big corporations.

Boeing can still appeal the split decision by a three-judge circuit panel that...

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