Chancery Rejects Toss Of Suit Over Baker Hughes-GE Deals
Law360, Wilmington (October 8, 2019, 9:44 PM EDT) -- The Delaware chancellor on Tuesday refused to toss a consolidated derivative suit filed by Baker Hughes Inc. investors accusing controlling stockholder General Electric Co. of using its influence over the oil field services company's board to pursue self-interested transactions to funnel cash to itself amid a liquidity crisis.
Ruling from the bench, Chancellor Andre G. Bouchard said the investors had shown “sufficient facts” that a litigation demand on Baker Hughes’ board would have been futile because five of the nine board members at the time may have been influenced since they were either GE designees on the board or had strong ties...
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