Earlier this month, this Blog reported the Sixth Circuit’s decision in Booth Family Trust v. Jeffries (6th Cir. 09-3443) [PDF], which involved a shareholder derivative action against certain officers and directors of Abercrombie & Fitch Co. In Booth Family Trust, a divided panel ruled that the decision by a member of a special litigation committee … Continue Reading
In a ruling interpreting Delaware law on shareholder derivative suits, the Sixth Circuit held that a partial recusal by a member appointed to a special litigation committee (“SLC”) created by a corporation compromises the independence of such committee. In Booth Family Trust v. Jeffries (6th Cir. 09-3443) [PDF], a divided panel found that where an … Continue Reading
