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…
If you are registered and logged in to the site, click on the link below to read the rest of the Pillsbury briefing. If not, please register or sign in with your details below.
News from Pillsbury Winthrop Shaw Pittman
News from The Lawyer
Briefings from Pillsbury Winthrop Shaw Pittman
Improvements proposed to regulations governing petitions to the California State Water Resources Control Board
Although the process is straightforward, the demands on the State Water Resources Control Board’s limited resources have turned the petition process into a black hole.
Deadlines coming for multinationals’ retirement plans and US taxpayers with foreign financial interests
In 2010, the US enacted a sweeping change in enforcement of its tax laws on foreign financial interests, the Foreign Account Tax Compliance Act.