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• W329713020 abstract "I. INTRODUCTION II. BACKGROUND A. Direct Versus Derivative Claims 1. Fundamental Characteristics of Derivative and Direct Claims B. Pre-Gentile Delaware Direct/Derivative Jurisprudence: Rise and Fall of the Special Injury 1. Lipton v. News International 2. Kramer v. Western Pacific Industries, Inc. 3. In re Tri-Star 4. Grimes v. Donald 5. Parnes v. Bally Entertainment Corp. 6. A New Direction: Agostino and Tooley a. Agostino v. Hicks b. Tooley v. Donaldson, Lufkin, & Jenrette, Inc. C. The Gentile Decision 1. Gentile v. Rossette: Factual Background 2. Gentile I: Court of Chancery Decision a. The Debt Conversion Claim: Derivative or Direct? 3. Gentile II: Delaware Supreme Court Decision a. The Debt Conversion Claim: Derivative or Direct? i. Change from Majority to Minority Shareholder Status ii. Materiality Does Not Determine Whether a Claim is Derivative, Direct, or Both iii. Gentile II: The Result Fits within the Tooley Framework III. ANALYSIS A. Who Suffered the Injury? 1. Requirement of a Shift from Minority to Majority Shareholder Status 2. Requirement of a Material Reduction in Voting Power B. Who Would Benefit from Recovery or Other Remedy? IV. RECOMMENDATION V. CONCLUSION What's in a name? That which we call a rose By any other name would smell as sweet. (1) I. INTRODUCTION The distinction between direct and derivative claims has been the source of considerable litigation in the Delaware courts through the years. (2) Whether a claimant has standing to sue directly or derivatively is not always clear. Accordingly, the courts have developed various tests designed to resolve the question. (3) The most recent articulation by the Delaware Supreme Court of the test to determine whether a claim is direct or derivative is found in the 2004 case of Tooley v. Donaldson, Lufkin, & Jenrette, Inc. (4) The Delaware courts seem content with this test, having applied it over 30 times. (5) The Tooley test provides that the determination of whether a claim is direct or derivative must turn solely on the following questions: (1) who suffered the alleged harm (the corporation or the suing stockholders, individually); and (2) who would receive the benefit of any recovery or other remedy (the corporation or the stockholders, individually)? (6) One recent case, however, indirectly drags a skeleton out of the Delaware case law closet. That skeleton is the concept of injury. (7) Gentile v. Rossette, (8) which concerned a stock-dilution claim, arose after Tooley. (9) The Delaware Supreme Court held that the stock dilution claim was direct, (10) although dilution claims are typically derivative claims. (11) The effect of holding that the dilution claim was direct was that the shareholder plaintiffs could bring the claim on their own behalf, rather than on behalf of the corporation. In reaching this decision, the Gentile court followed a 1993 Delaware Supreme Court case, (12) In re Tri-Star Pictures, Inc. Litigation. (13) Tri-Star relied heavily on the special injury analysis (14) to determine the nature of a claim. (15) The application of the Tri-Star analysis in the Gentile supreme court decision is unexpected because the Tooley court explicitly discarded the Tri-Star special injury test in 2004. (16) This Note first reviews the differences between direct and derivative claims. Part II.B recounts the history of the different tests courts have used to determine whether a claim is direct or derivative. Specifically, Part II.B.6 analyzes the current test, the Tooley test, Delaware courts are using in corporate law cases. Part II.C presents the focal case of this Note, Gentile v. …" @default.
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• W329713020 date "2008-01-01" @default.
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• W329713020 title "Direct or Derivative: Does It Matter after Gentile V. Rossette?" @default.
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