United States Seventh Circuit

In shareholder derivative action arising from corporation's consent decree with the FDA, allegations of egregious board conduct were sufficient to reasonably conclude that directors' actions fall outside the protection of the business judgment rule, and that pre-litigation demand would have been futile.

Appellate Information

• Argued 10/23/2001
• Decided 06/06/2002
• Published 06/06/2002

Judges

• HARLINGTON WOOD, JR., Circuit Judge., Before WOOD, Jr., CUDAHY, and KANNE, Circuit Judges.

Court

• United States Seventh Circuit

Counsel

• For Appellant:
  
• Terry Rose Saunders, Chicago, IL, Robert P. Frutkin (argued), Philadelphia, PA, for Plaintiffs-Appellants.


• For Appellees:
  
• Michele Odorizzi (argued), Mayer, Brown, Rowe & Maw, Chicago, IL, Phil C. Neal, Neal, Gerber & Eisenberg, Chicago, IL, for Defendants-Appellees.