Holder claims raised in New York federal court were direct and not derivative in nature because they belonged to stockholders who alleged harm stemming from their reliance on a banking giant’s supposed deception about its financial health, the Delaware Supreme Court said in answering a certified question of law.
The U.S. Court of Appeals for the Second Circuit in November asked the Delaware Supreme Court to provide greater clarity as it mulled an appeal of a district court’s dismissal of plaintiffs’ complaint for negligent representation and common law fraud.
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