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N.J. Opinion Constitutes Rare Rejection of Directors' Defense
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.It's been eight long years since investors brought claims in Dallas federal district court, and six since a proposed settlement fell apart. The end may now be near, though.
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