Insider Trading Suit Against Toll Bros. Execs Stands

Law360, New York (March 4, 2010, 1:44 PM EST) -- A Delaware court has refused eight Toll Brothers Inc. executives' bid to toss a shareholder derivative suit accusing them of using nonpublic information about the luxury homebuilder's future prospects to sell off significant amounts of their stock.

Vice Chancellor J. Travis Laster of the Delaware Chancery Court denied the executives' motion to dismiss shareholder Milton Pfeiffer's derivative complaint Wednesday, rejecting the executives' argument that the complaint's breach of fiduciary duty and indemnification claims were not adequately pled and were based on an outdated precedent governing the...
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