Law360, New York (May 9, 2012, 2:02 PM EDT) -- Under well-established Minnesota corporate law, any company — whether publicly traded or closely held — when presented with a demand by a shareholder to pursue a derivative claim, may respond by establishing a special litigation committee.
Once appointed, the special litigation committee’s job is to conduct an investigation and make a determination whether the legal rights or remedies of the corporation have been violated and whether such rights and remedies should be pursued. A court must then defer to that determination and dismiss such claims if the corporation establishes that: (1) the members of the special litigation committee possessed a disinterested...
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