Business Associations Keyed to Hamilton
Gall v. Exxon Corp.
Facts
Gall’s (Plaintiff) derivative suit arose out of the alleged payment by Exxon Corp. (Defendant) of corporate funds as bribes or political payments, which were contributed improperly to Italian political parties to secure favors. Plaintiff inter alia, alleged a violation of Securities and Exchange Commission (SEC) rules 13(a) and 14(a), misuse of corporate assets, and the officers’ breach of fiduciary duties. Defendant had formed a Special Committee on Litigation to study Plaintiff’s complaint, and the committee refused to bring suit against the corporation’s officers connected to the bribes. At Plaintiff’s derivative suit, Defendant motioned for summary judgment, asserting the committee’s decision was proper as it was within the sound business judgment rule.
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