How 1st Circ. Infused Del. Law Decision With Realism
February 1, 2013, 11:57 PM EST
Law360, New York (February 1, 2013, 11:57 PM EST) -- The United States Court of Appeals, sitting in Boston, in a case originating in the United States District Court in Puerto Rico, provides an important decision interpreting the corporate law of Delaware. Union de Empleados de Muelles de Puerto Rico PRSSA Welfare Plan v. UBS Financial Services Inc. of Puerto Rico (1st Cir. Jan. 4, 2013) (“UBS Puerto Rico”).
This latest UBS case is a shareholder derivative action. As the Court of Appeals reminds us, such a proceeding “permits a shareholder of a corporation to bring...