Court of Chancery Defers to Board of Director’s Business Judgment in Response to Stockholder’s Dividend Demand
By: James S. Bruce and Marissa Leon
In Buckley Family Trust v. Charles Patrick McCleary, et al. (C.A. No. 2018-0903-AGB), the Delaware Court of Chancery (the “Court”) granted defendants’ motion to dismiss a stockholder’s claims to compel the company to pay a dividend and also dismissed the stockholder’s claim alleging breach of fiduciary duty of care regarding decisions made by the board of directors of the company.
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