Sullivan v. Hammer
Court of Chancery of Delaware
1990 WL 114223 (1990)
Occidental Petroleum Corporation (defendant) informed its stockholders that it planned to provide millions of dollars of funding to the Armand Hammer Museum and the Armand Hammer Foundation. Dr. Armand Hammer is Occidental’s founder and Chairman of the Board. Stockholders (plaintiffs) brought class and derivative claims, asserting that Occidental’s proposed actions constitute a gift and a waste of corporate assets, and that Hammer breached his duty of loyalty by causing Occidental to take these actions for his own personal benefit. The parties now submit a settlement agreement for the court’s approval.
Rule of Law
Holding and Reasoning (Hartnett, V.C.)
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