Chancery's Forum Ruling Was 'Nonsense,' Del. Justices Told
By Jeff Montgomery (January 8, 2020, 9:34 PM EST) -- The Delaware Chancery Court "went astray" in multiple ways when it struck down three companies' bylaws mandating federal court handling of Securities Act suits, a former chancellor representing two of the companies told the state Supreme Court on Wednesday.
Retired Chancellor William B. Chandler III of Wilson Sonsini Goodrich & Rosati LLP, counsel to Stitch Fix Inc., Roku Inc. and their directors, told the justices that Vice Chancellor J. Travis Laster misinterpreted past, relevant decisions and the plain language of the state's corporation law in his decision. In his December 2018 ruling, the vice chancellor declared that federal forum restrictions adopted...
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