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Delaware Supreme Court in Pyott Reverses Chancery Court Ruling That Collateral Estoppel Does Not Apply in Certain Shareholder Cases
DechertOnPoint
April 16, 2013

The Delaware Supreme Court in Pyott v. Louisiana Municipal Police Employees’ Retirement System reversed on April 4 a controversial ruling by the Chancery Court that a California federal court’s dismissal with prejudice of a shareholder derivative action under Delaware Chancery Rule 23.1 does not preclude other shareholders from maintaining identical derivative actions in Delaware courts. The Chancery Court’s decision, if left to stand, could have resulted in further proliferation of shareholder derivative suits, each of which would have to be litigated on an individual basis.

Read “Delaware Supreme Court in Pyott Reverses Chancery Court Ruling That Collateral Estoppel Does Not Apply in Certain Shareholder Cases.”