Business Roundtable Amicus Brief in CalSTRS v. Alvarez | Business Roundtable

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Business Roundtable has filed an amicus brief in the Supreme Court of Delaware in the case of California State Teachers Retirement System et al. v. Aida M. Alvarez et al., arguing that the court should reject a decision by a lower state court (Chancery Court) that could potentially expand the number of derivative stockholders suits filed in multiple states.

The brief argues that the Supreme Court should not depart from existing doctrine and should instead reject the Chancery Court's ruling that would deny preclusive effect to non-Delaware decisions on demand futility in derivative litigation.

Business Roundtable contends the current state of the law protects corporations and boards of directors from the need to relitigate successively whether the board is entitled to its usual prerogative of controlling the litigation of corporate causes of action, viz., the essence of the demand futility issue. Download the brief here.