United States First Circuit
Union de Empleados de Muelles v. UBS Financial Services Inc., 11-1605
In a shareholder derivative action, judgment dismissing the complaint is vacated and remanded, where: 1) the plaintiffs' allegations have established with sufficient particularity a reasonable doubt about the ability of the six directors to evaluate plaintiffs' demand to bring the action on behalf of the Funds with the disinterest and independence required under Puerto Rico law; and thus, 2) plaintiffs have established that a pre-suit demand would have been futile.
Appellate Information
- Decided 01/04/2013
- Published 01/04/2013
Judges
- LIPEZ
Court
- United States First Circuit