Forum Selection Provisions: Why Strine Got It Right
Law360, New York (September 27, 2013, 9:19 AM EDT) -- In June 2013, the Delaware Court of Chancery took an important step toward allowing Delaware corporations and other publicly traded entities to require shareholders to bring lawsuits in Delaware. In Boilermakers Local 154 Retirement Fund v. Chevron Corp., et al., Chancellor Leo E. Strine Jr. held that the forum selection bylaws that the boards of directors of Chevron and FedEx unilaterally adopted were valid under Delaware law, and contractually valid and enforceable as forum selection clauses.
The Boilermakers opinion is noteworthy because it is the first Delaware decision to uphold exclusive forum selection clauses in corporate bylaws by unilateral amendment. Before...
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