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Michelle Reed, left, and Matt Lloyd, right, of Akin Gump Strauss Hauer & Feld. Michelle Reed, left, and Matt Lloyd, right, of Akin Gump Strauss Hauer & Feld.

The Delaware Supreme Court declined to adopt a new standard governing issue preclusion of derivative actions, creating a tension with Delaware courts’ forceful encouragement that stockholders fully investigate their claims before pursuing such actions on behalf of a company. On Jan. 25, the court issued its decision in California State Teachers Retirement System v. Alvarez fully dismissing a shareholder action against Walmart Inc. and its board and concluding years of deliberation at both the Delaware Court of Chancery and Supreme Court levels over whether a hastily pursued derivative suit should have a preclusive effect against more diligent plaintiffs.

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