Del. Chancellor Advocates Axing First-Filed Rule

Law360, Wilmington (January 18, 2013, 10:00 PM EST) -- The head of Delaware's Chancery Court called for a change to the procedures governing parallel shareholder suits in competing state courts, writing in a recently released discussion paper that the current precedence given first filers and geographic considerations benefits plaintiffs' attorneys more than investors or corporations.

Shareholder litigation challenging big-ticket corporate mergers and acquisitions has grown precipitously, but the increase in these class action and derivative suits has not led to any corresponding benefit for the shareholders, Chancellor Leo J. Strine Jr. wrote in a paper...
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