Court of Chancery Denies Stay In Backdating Case
Posted In Class Actions
Brand v. Deason, C.A. No. 2123-VCL (July 20, 2007).
When the Court is interested in the issues presented by a case and those issues are important to Delaware law, it will rarely grant an application for a stay of the proceedings in favor of another jurisdiction. When the application only comes after discovery has begun a stay is even less likely.
Here, the Court pointed out that option backdating law is still emerging in Delaware with only three decisions in this interesting area. Hence, there was good reason for a Delaware court to decide what is the law of Delaware and not stay its hand.
Tags: Case Summaries, Class ActionsShare