Business Associations Keyed to Hamilton
Aronson v. Lewis
Facts
Aronson (Plaintiff) and others brought a shareholder’s derivative action contesting a corporation’s employment contract granted to a longtime employee. Large lifetime compensation and other benefits were provided by the contract. The board approved the contract, most of which were controlled by the principal actors in executing the contract. No prior demand was made on the board to bring the suit on the basis of impartiality. The trial court dismissed the suit, and the appellate court reversed, holding there was a reasonable inference that the business judgment rule did not protect the actions. Plaintiff appealed.
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