Supreme Court of Delaware

Dismissal of shareholders' derivative complaint against fifteen present and former directors of a banking company is affirmed where: 1) In re Caremark Int'l Deriv. Litig., 698 A.2d 959 (Del. Ch. 1996), articulates the necessary conditions for assessing director oversight liability; and 2) the Caremark standard was properly applied to evaluate the derivative complaint in the case at hand.

Appellate Information

• Decided 11/06/2006
• Published 11/06/2006

Judges

• HOLLAND, Justice:, Before STEELE, Chief Justice, HOLLAND, BERGER, JACOBS, and RIDGELY, Justices (constituting the Court en Banc).

Court

• Supreme Court of Delaware

Counsel

• For Appellant:
  
• Brian D. Long (argued) and Seth D. Rigrodsky, of Rigrodsky & Long, P.A., Wilmington, DE, for appellants.


• For Appellees:
  
• Jesse A. Finkelstein, Raymond J. DiCamillo, and Lisa Zwally Brown, of Richards, Layton & Finger, Wilmington, DE, David B. Tulchin (argued), L. Wiesel, and Jacob F.M. Oslick, of Sullivan & Cromwell, L.L.P., New York City, for appellees.