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MAKE ALL NOTES PUBLIC (6/6 playlist item notes are public) MAKE ALL NOTES PRIVATE (0/6 playlist item notes are private)1 | Show/Hide More | Aronson v. Lewis |
2 | Show/Hide More | Kamin v. Am. Express |
3 | Show/Hide More | Williams v. Geier |
4 | Show/Hide More | Smith v. Van Gorkom |
6 | Show/Hide More | Malpiede v. Townson |
The effect of 102(b)(7) provisions on litigation is significant. Exculpation provisions eliminate of monetary liability directors for violations of their duty of care. Consequently, if a plaintiffs alleges only that directors violated their duty of care and that caused them some damage, there is no remedy available at law for these plaintiffs. Where the court is unable to provide a remedy, judicial economy requires that a case be dismissed.
In Malpiede, the Delaware courts ecounter just such a situation. The result is not surprising: a duty of care claim is dismissed for failure to state a claim for which there is a remedy available.
December 12, 2013
Brian JM Quinn
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