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In Re J. P. Morgan Chase & Co. Shareholder Litigation
Delaware Court of Chancery
2005 WL 1076069 (2005)
- Written by Rich Walter, JD
Facts
The banking firm J. P. Morgan Chase & Company (JPMC) targeted Bank One for acquisition. Bank One would have accepted a lower purchase price had JPMC agreed to install Bank One’s president as president of the merged bank. However, JPMC’s directors (defendants) voted to pay a higher price so that JPMC’s president could remain in office. JPMC shareholders (plaintiffs) sued the directors in the Delaware Court of Chancery, claiming $7 billion in direct damages. The directors moved to dismiss the suit on the grounds that the shareholders’ claim was derivative and that the shareholders had no excuse for failing to demand that JPMC assert a direct claim against the directors.
Rule of Law
Issue
Holding and Reasoning (Lamb, J.)
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