Connecticut Supreme Court Issues Significant Decision on Shareholder Derivative Suits

April 15, 2009


On Friday, April 3rd, the Connecticut Supreme Court issued a unanimous 5-0 decision in May v. Coffey, in which it reinforced the principle that shareholders cannot bring a direct suit against a corporation's officers or directors unless they have suffered an injury that is "separate and distinct" from any injury suffered by the corporation and other shareholders.

 

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