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Thursday, November 26, 2009
Ind. Decisions - Supreme Court issues order accepting certified question re corporation directors
In a 2-page order dated Nov. 24, 2009, in In re ITT Corporation Derivative Litigation, Chief Justice Shepard writes:
Pursuant to Indiana Appellate Rule 64, the United States District Court for the Southern District of New York has certified a question of Indiana state law for this Court's consideration. The question arises in In re ITT Corporation Derivative Litigation, Case No. 07-CV-2878 (CS) (S.D.N.Y.). The question, as framed by the federal district court, is:"What standard should be applied in determining whether a director is 'disinterested' within the meaning of Indiana Code ยง 23-1-32-4(d), and more specifically, is it the same standard as is used in determining whether a director is disinterested for purposes of excusing demand on the corporation's directors under Federal Rule of Civil Procedure 23.1 and RaZes v. BZasband, 634 A.2d 927, 936 (Del. 1993)7"The certified question, which each member of this Court has considered, is hereby ACCEPTED pursuant to Indiana Appellate Rule 64.
Posted by Marcia Oddi on November 26, 2009 08:47 AM
Posted to Ind. Sup.Ct. Decisions