Of the. Justice cancels the precedent of “dual nature” claims

By Hailey Konnath (September 20, 2021, 11:02 p.m. EDT) – The Delaware Supreme Court on Monday overturned a controversial precedent of “two-way” claims over whether direct claims in combined actions of direct derivatives can survive after mergers or takeovers eradicate derivative rights, believing that the precedent has created confusion and is in conflict with state law.

The decision comes in a closely watched interlocutory appeal from Brookfield Asset Management Inc., which had asked the state Supreme Court to overturn an order from the Delaware Court of Chancellery dismissing its motion to dismiss a derivative of consolidated shareholder and a class action suit. The appeal centered on the effect of the 2006 Delaware Supreme Court decision in Gentile v. Rossette on …

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