Chancery Court Tosses Derivative Challenge to African Oil Transaction
The Delaware Court of Chancery on Tuesday dismissed a derivative suit filed on behalf of Erin Energy Corp., saying the company's board had successfully pushed back against alleged attempts by its controller to play all sides of a three-way transaction to acquire oil mining rights in Africa.
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Tom McParland of Delaware Law Weekly can be contacted at 215-557-2485 or at email@example.com. Follow him on Twitter @TMcParlandTLI.
Wilbanks launched the clinic just in time to help survivors and attorneys file lawsuits in a two-year window of time granted by the Hidden Predator Act. The legislation extended the statute of limitations for lawsuits by survivors.
It is an all-too familiar accusation to many directors: If only you had done something more, the corporation could have avoided an injury or loss. Since the mid-1990s, Delaware courts have repeatedly recognized that attempting to pin personal liability on directors for their alleged inaction is “possibly the most difficult theory in corporation law upon which a plaintiff might hope to win a judgment,” as in In re Caremark International Derivative Litigation, 698 A.2d 959, 967 (Del. Ch. 1996).
In his Corporate Securities column, John C. Coffee Jr. writes: The pattern of the vast majority of activist challenges being settled through private negotiations makes the settlement process academically interesting. What gets negotiated? And with what outcomes?
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