West Virginia Sample Letter regarding Motion to Dismiss on Shareholder Derivative Claims
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How to fill out Sample Letter Regarding Motion To Dismiss On Shareholder Derivative Claims?
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FAQ
What is the difference between a stockholder's derivative suit and a class action? A derivative lawsuit is brought by a shareholder of a corporation for the benefit of the corporation. A shareholder's class action lawsuit is brought by a shareholder for the benefit of themselves and the other shareholders.
A shareholder (stockholder) derivative suit is a lawsuit brought by a shareholder or group of shareholders on behalf of the corporation against the corporation's directors, officers, or other third parties who breach their duties. The claim of the suit is not personal but belongs to the corporation.
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.
Still, derivative action involves a wrong against the corporation and not individual shareholders; therefore, damages do not go to the shareholders personally but to the corporation itself.
Shareholder derivative suits can address a range of misconduct and fraudulent actions, including: Breach of fiduciary duty: Corporate officers and directors owe a fiduciary duty to the corporation that they serve, and they can be held liable if they failed to uphold their duty. Fraud and unlawful activity. Self-dealing.
A derivative action may be settled, voluntarily dismissed, or compromised only with the court's approval. Notice of a proposed settlement, voluntary dismissal, or compromise must be given to shareholders or members in the manner that the court orders.
Further, a derivative claim can generally only be brought by minority shareholders, whereas any person who is a member of a company ? including majority shareholders ? can bring an unfair prejudice claim.
Pursuing a Derivative Action Shareholders must have been owners at the time of alleged improper conduct; Shareholders must prove they will fairly represent the interests of the company; and. Shareholders must formally demand, in writing, the company's board take action on the basis of suspected misconduct.
