Hecla Board Escapes Derivative Suit Over Mine Accident

Law360, Wilmington (September 25, 2012, 10:48 PM EDT) -- A Delaware judge tossed a derivative suit Tuesday that sought to hold the directors of Hecla Mining Co. responsible for conditions that led to a costly accident, dismissing the shareholders' complaint on “demand futility” grounds while slamming it as hastily filed and scantily researched.

Filed in Delaware Chancery Court by shareholders Steven and Linda South, the suit claimed Hecla's seven-man board disregarded its fiduciary duty by failing to properly maintain safety standards at its Lucky Friday silver mine in Idaho, resulting in a December 2011 “rock...
To view the full article, register now.