What is the test for a shareholder to bring a claim for breach of fiduciary duty against a corporation?

MultiRegion, United States of America

The following excerpt is from Genomatica, Inc. v. Icelandic Genomic Ventures Holding, S.A.R.L., Case No. 3:12-cv-0268-GPC-BGS (S.D. Cal. 2013):

Under Delaware law, claims by a shareholder that are predicated solely on a breach of fiduciary duty by the corporation must be dismissed. Gaffin v. Teledyne, Inc., 1987 WL 18430, at *2 (Del. Ch. 1987). A shareholder complaint "must allege something other than a breach of fiduciary duty if it is to be deemed meritorious." Id. A corporation would, for example, "be liable to its stockholders where there is fraud or affirmative misconduct." Id. at *2-3.

Other Questions


Can a shareholder of a bankrupt corporation bring a claim against the directors of the bankrupt corporation for damages due to their misconduct? ("New York", United States of America)
Can individual plaintiffs bring a claim alleging a breach of fiduciary duty for their own benefit? (MultiRegion, United States of America)
What is the test for a plaintiff to bring a claim for breach of fiduciary duty? (MultiRegion, United States of America)
Is it a fiduciary duty of a publicly held corporation to provide shareholders with an accurate and complete record of how the corporation is spending its assets? (MultiRegion, United States of America)
Is a motion to dismiss a claim for breach of contract, breach of fiduciary duty and fraud a duplicative and duplicative cause of action? ("New York", United States of America)
Is a shareholder of a corporation entitled to use of the corporation's corporate property for personal use purposes? (Canada (Federal), Canada)
What is the test for a plaintiff to bring a claim under section 502(a)(3) of the ERISA Act for breach of fiduciary duty? (MultiRegion, United States of America)
On remand, on remand and in addition to his due process claim, can he also bring claims related to his confinement in administrative segregation? (MultiRegion, United States of America)
Can a breach of fiduciary claim be dismissed on the additional ground that there is no relationship between an accountant and his client? (MultiRegion, United States of America)
Does the Employer Trustees have to make a distinction between a valid plan amendment and a breach of fiduciary duty claim? (MultiRegion, United States of America)
X



Alexi white


"The most advanced legal research software ever built."

Trusted by top litigators from across North America.