Delaware court upholds exclusive forum-selection bylaws
On 25 June 2013, chancellor Strine of the Delaware Court of Chancery upheld bylaws adopted by the boards of directors of Chevron Corporation and FedEx Corporation that designated Delaware as the exclusive forum for litigation regarding their internal affairs.
In these cases of first impression under Delaware law, the court held that the forum selection bylaws were valid and enforceable. The decision is the first concrete step towards the elimination of stockholder suits filed in two or more jurisdictions concerning the same issues that raise the spectre of different rulings on identical legal issues and result in higher legal fees that drain corporate pocketbooks…
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