District Court Applies Chancery Precedent to Dismiss Compensation Suits

, Delaware Business Court Insider

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The U.S. District Court for the District of Delaware applied Court of Chancery precedent to dismiss two shareholder lawsuits filed against the boards of ConocoPhillips Co. and Allergan Inc. In both cases, shareholders alleged that the corporations wasted resources by approving employee compensation plans, but the federal court dismissed the litigation because the shareholders had not made a demand on the board prior to initiating the lawsuits.

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