Del. Attys Push To Shield Stock Cos. From Fee-Shifting Ruling
Law360, New York (May 22, 2014, 6:02 PM EDT) -- The attorneys and judges who shape the Delaware General Corporation Law will vote next week on a legislative amendment that would insulate stock corporations' shareholders from a significant ruling earlier this month that could open the door to widespread fee-shifting provisions.
In its May 8 decision, the Delaware Supreme Court held that a nonstock corporations can enforce bylaws that pass attorneys' fees to losing plaintiffs, provided it doesn't apply the provision unfairly or improperly. The ruling raised questions about whether stock corporations could travel the same route, giving them a new defense against increasingly litigious shareholders.
The high court's ruling does...
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