Litigation

S.D.N.Y. Applies Delaware Law to Dismiss Suit Based on Ruling that Pre-Suit Demand Not Excused

By Francis G. X. Pileggi, Esq.

In re Morgan Stanley Derivative Litigation, No. 05 Civ. 6515 (S.D.N.Y. Mar. 27, 2008). The U.S. District Court for the Southern District of New York applied Delaware law to dismiss a derivative suit in this case based on the failure to establish that pre-suit demand was excused. One of the claims was that disclosures to the SEC were not made quickly enough. The Wachtell Lipton firm highlights the opinion here on the Harvard Corporate Governance Blog, through which they also provide a link to the text of the decision and their own memorandum providing a fuller summary of the case.

Full post as published by Delaware Corporate and Commercial Litigation Blog on April 23, 2008 (boomark / email).