When a group of investors sued the directors of Ronson Corp. in 2003, the board did what corporations do when faced with a shareholders’ derivative suit.
It formed a committee, which recommended dismissal.
When a group of investors sued Ronson Corp.'s directors, the board formed a committee, which recommended dismissal. In the first written New Jersey opinion to assess the conclusions of such a committee, a chancery judge has found that the committee neither did its job properly nor reached a reasonable result, leaving the case to go forward. Experts say the ruling is significant because courts seldom reject a committee's conclusions and there are few written opinions analyzing the defense.
May 03, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
When a group of investors sued the directors of Ronson Corp. in 2003, the board did what corporations do when faced with a shareholders’ derivative suit.
It formed a committee, which recommended dismissal.
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