When a failed corporate merger results in a flurry of shareholder lawsuits, the federal courts shouldn’t take a back seat and defer to the state courts — even corporate-law-savvy courts from Delaware — a federal appeals panel ruled Thursday.
The decision in McMurray v. DeVink reverses a ruling by U.S. District Judge Katherine Sweeney Hayden of the District of New Jersey that stayed all federal litigation filed in the wake of the failed merger of Warner Lambert Co. and American Home Products Corp. to await the outcome of litigation in the Delaware courts.
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