Qualcomm Stockholder China Bribery Suit Dismissed In Del.
Law360, Wilmington (June 16, 2017, 7:06 PM EDT) -- Delaware’s Chancery Court dismissed on Friday a stockholder suit seeking damages on behalf of telecommunications giant Qualcomm Inc. from directors serving during a decade when the company was accused of violating the Foreign Corrupt Practices Act.
Vice Chancellor Tamika Montgomery-Reeves ruled that the putative class suit failed to support any of the claims of fiduciary duty breaches, unjust enrichment and waste of corporate assets lodged against current and former board members. Many of the offenses and allegations involved business operations in China.
The lawsuit relied on evidence gathered by the U.S. Securities and Exchange Commission before it imposed a more than...
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