As we previously wrote in the December 27, 2012, edition of the Delaware Business Court Insider, the highly-publicized decision concerning the application of collateral estoppel to Delaware shareholder derivative litigation, Louisiana Municipal Police Employees' Retirement System v. Pyott, 46 A.3d 313 (Del. Ch. 2012) — commonly known as Allergan — was the subject of an interlocutory appeal before the Delaware Supreme Court. On April 4, the Supreme Court, in an en banc opinion in Pyott v. Louisiana Municipal Police Employees' Retirement System, --- A.3d ---, 2013 Del. LEXIS 179 (Del. Apr. 4, 2013), reversed the Court of Chancery, holding that a California federal court's dismissal with prejudice of a shareholder derivative complaint for failure to plead demand futility precluded other shareholders of the same corporation from bringing the same claims in a subsequent derivative action in Delaware.
No Second Bite at the Apple for Allergan Plaintiffs
Delaware Business Court Insider
May 22, 2013
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