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Delaware Supreme Court Clarifies Law on Friendly Directors’ Independence

In a recent decision of the Delaware Supreme Court, the court reversed a Chancery Court determination that a Director was sufficiently independent such that a demand on the Board of Directors was not excused.  The court clarified that directors whose deep friendship also involved financial ties may not be deemed independent in order to excuse a demand on a Board of Directors. 

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TAGS: Board of Directors, Delaware law, Director Independence, Pre-suit Demand

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