Tennessee Sample Letter regarding Motion to Dismiss on Shareholder Derivative Claims
Description
How to fill out Sample Letter Regarding Motion To Dismiss On Shareholder Derivative Claims?
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FAQ
The claim of the suit is not personal but belongs to the corporation. A shareholder can only sue when the corporation has a valid cause of action but has refused to use it, and the damage awards of the suit come to the corporation instead of the shareholder.
Derivative claim remedies Damages payable to the company from the director(s) held to be at fault. An injunction to prevent the director(s) at fault against taking any further unlawful action/committing any further breaches. The setting aside of transactions which have personally benefitted the director(s) at fault.
Remedies commonly sought in derivative actions include corporate governance reforms designed to prevent future fiduciary misconduct, the removal of officers or directors whose misconduct injured the corporation, monetary payments to remedy damages incurred by the company, and repayment of funds obtained illegally.
If the committee's suggestion is to support the action, then the board will likely enter the suit and take up the action against the directors who have pursued or are pursuing the illegal or improper course of conduct.
A successful derivative claim typically enriches the corporate treasury, while a successful direct claim typically puts money directly in the hands of the shareholder claimant.
Any damages or other remedies awarded due to the lawsuit would be paid to the corporation rather than the individual shareholder. The damages may include recovering losses caused by the wrongdoing, punitive damages, and attorneys' fees.
A party opposing a motion to dismiss must file a response within 28 days after the motion is served. (c) Reply by Moving Party. Leave of Court is not required to file a reply to a response to a motion to dismiss. Replies must be filed within 14 days after the response is served.
