Del. Federal Forum Ruling Could Open Door To Mischief
Law360 (March 19, 2020, 11:38 PM EDT) -- A Delaware Supreme Court decision that reversed the Chancery Court's rejection of federal-court-only charter mandates for certain Securities Act disputes could open a Pandora's box of corporate bylaw mischief over arbitration rights and other litigation forum and class restrictions, critics of the decision say.
The justices on Wednesday went unanimously against Vice Chancellor J. Travis Laster's 2018 finding that three Delaware-chartered companies — Blue Apron Inc., Roku Inc. and Stitch Fix Inc. — wrongly adopted charter provisions barring stockholders from filing state court complaints for violations of Section 11 of the federal Securities Act of 1933. Section 11 provides for stockholder...
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