Delaware lawmakers over the last two years have responded properly to “interventionist judges supplanting their perspectives on independence and fairness for those that were adopted by a company’s board and its stockholders,” said Louis Lehot of Foley & Lardner LLP. It’s “absolutely relevant and necessary” for the state supreme court to do the same, he said.
“There’s a nagging doubt that the judges in the Delaware Chancery Court are going beyond the four corners of the law to impose their own concepts of fairness and justice that go beyond the statute,” he said.