Delaware reclaims top court title from biz group after restricting shareholder lawsuits
Delaware reclaimed first place in the poll, which gauged executives sentiments about fairness in business courts, after the state Chancery Court reined "in frivolous lawsuits," with rulings that limited shareholders ability to sue their companies, the Chamber of Commerce said in a statement.
Delaware reclaims top court title from biz group after restricting shareholder lawsuits Delaware reclaimed first place in the poll, which gauged executives sentiments about fairness in business courts, after the state Chancery Court reined "in frivolous lawsuits," with rulings that limited shareholders ability to sue their companies, the Chamber of Commerce said in a statement. Check out this story on delawareonline.com: https://www.delawareonline.com/story/money/business/2019/09/20/delaware-reclaims-top-court-title-biz-group-after-restricting-shareholder-lawsuits/2372583001/
Karl Baker, Delaware News Journal Published 6:00 a.m. ET Sept. 20, 2019
Delaware's business court again is tops in the country, at least in the eyes of the executives polled by the U.S. Chamber of Commerce, a fiscally conservative national lobbying organization.
Its top rank is consistent with results from each survey taken since 2002, except the last one when Delaware placed 11th.
The results from the relatively obscure, biannual poll matter to Delaware's corporate franchise – which brings in more than $1 billion annually to state government – because business leaders may consider this while deciding which state to incorporate their companies.
Roughly two-thirds of Fortune 500 companies choose Delaware as their legal home, even as nearly all maintain their physical headquarters elsewhere. In total, over a million entities are registered in Delaware.
Many high profile corporate legal battles occur in the state, from Facebook fighting its shareholders to a Ukrainian bank suing an oligarch on claims he stole billions of dollars and funneled them into U.S. real estate.
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The New Castle County Courthouse, home to one of Delaware's Chancery Court rooms. (Photo: WILLIAM BRETZGER/THE NEWS JOURNAL)
Delaware reclaimed first place in the poll, which gauged executives' sentiments about fairness in business courts, after the state Chancery Court reined "in frivolous lawsuits," with rulings that limited shareholders ability to sue their companies, the Chamber of Commerce said in a statement.
Drawing their ire in particular were class action cases filed by shareholders who claim their business is not divulging enough information to them during a merger. In 2016, Delaware Chancery Court ruled that it would not approve such "disclosure only" settlements in most cases.
Contact Karl Baker at kbaker@delawareonline.com or (302) 324-2329. Follow him on Twitter @kbaker6.
Business in Wilmington over the years, from Angelo's to MNBA
Lottery tickets sold at Angelo's market in 1987. The News Journal archive
Chiquita shipping containers are loaded and unloaded from a waiting cargo ship at the Port of Wilmington in 2018. DANIEL SATO/THE NEWS JOURNAL
It's hard to forget Wilmington's 9-5 corporate culture even along Justison Street in Wilmington's Riverfront, but the restaurants and bars there aim to keep people in the city well past bankers' hours. William Bretzger, The News Journal
The late Harry Sheppard (left) was the founder of Walt's Flavor Crisp. Over the years, it received best chicken in Delaware awards. In this 2008 photo, Sheppard laughs with his cook, Barbara Bullock of New Castle, right, who worked at Walt's for 30 years. Special to The News Journal/ EMI
A look from above at King Street in Wilmington, 1961. The News Journal
Angelo's Luncheonette in Wilmington's Forty Acres celebrated its 50th birthday in 2017 with a big party for its customers. Suchat Pederson/The News Journal
Renovations to Chemours' headquarters at the DuPont Building, including its Nobel Room, occurred between 2017 and 2019. Chemours
A former manager at Wilmington Trust bank, shows off the more than 110-year-old bank vault at Wilmington Trust bank located in the DuPont building, seen here in Oct. 2007 The News Journal/JENNIFER CORBET
Ironworker Steve Pennington checks out the Wilmington Christmas Parade from his perch on MBNA construction in downtown Wilmington. 1994. The News Journal
Workers at the Port of Wilmington unload citrus from a cargo ship before moving it to refrigerated storage in 2018. DANIEL SATO/THE NEWS JOURNAL
Customers check out the selection at Govatos Chocolates on Market Street in Wilmington in 2016. KYLE GRANTHAM/THE NEWS JOURNAL
The Chemours building in Wilmington in 2018. SUCHAT PEDERSON/THE NEWS JOURNAL
Delaware Gov. John Carney (left) and Robert Buccini during the groundbreaking celebration for the 76ers Fieldhouse in 2018 near the Riverfront. The sports complex is the home for the 76ers NBA G League team the Delaware Blue Coats. Jerry Habraken, The News Journal
Angelo's Luncheonette owner August Muzzi shows off his Elvis Presly collection throughout the restaurant, shown in 2017. Suchat Pederson, The News Journal
King Street Farmers Market, April 1956. The News Journal
The I.M. Pei Building on North Market Street in Wilmington in Nov. 2004. ROBERT CRAIG/ The News Journal
Children from a neighborhood day care center play in the shadow of the Hercules Building in October 1987. NEWS JOURNAL FILE
Penn Cinema brought another entertainment option to the Wilmington Riverfront in 2012. William Bretzger, The News Journal
Mrs. Robino's in Little Italy during the Feast of the Seven Fishes. Undated. SUCHAT PEDERSON/THE NEWS JOURNAL
1983: The Wilmington Trust tower building on Rodney Square, formerly the old U.S. Post Office and federal courthouse at 11th and King streets. Pat Crowe/Delaware News Journal
Since Papa's Market opened in 1927, customers found all things Italian, from homemade liver sausage to hand-rolled braciola, at the grocery and imported foods store at 1910 W. Sixth St., in the heart of Little Italy. JENNIFER CORBETT/THE NEWS JOURNAL
The W in the WSFS Bank headquarters sign is sent skyward and into place above downtown Wilmington in 2017. The 500 Delaware Avenue headquarters had been without full signage as a replacement took place over a few weeks. William Bretzger, The News Journal
The staff at the Green Room of the Hotel du Pont preparing for Sunday brunch in 1989. News Journal file
Visitors to the Wilmington Riverfront have gotten more food and entertainment options over the years. Restaurant Del Pez sits at the corner of Justison Street and Harlan Boulevard on Wilmington's Riverfront in 2018. William Bretzger, The News Journal
A ship loads cargo at the Port of Wilmington in May 2018. XERXES WILSON/THE NEWS JOURNAL
This 1984 file photo shows atrium of the Hercules Building from the top of a catwalk. NEWS JOURNAL FILE
Barbara Hackett (second from left), with her late husband, Jimmy, owners of Leo & Jimmy's Delicatessen on Market Street in downtown Wilmington, which closed in 2017. Suchat Pederson, The News Journal
Downtown Wilmington's resurgent Market Street is seen with the booming Riverfront in the background. Both areas, which are seeing a swell of development, have been targeted for investment through a federal tax program. Jennifer Corbett, The News Journal
The Bachelor Ball on Nov. 25, 1970 in the Gold Ballroom at the Hotel du Pont. News Journal file
The lobby of the Hotel du Pont in 2018. Betsy Price/The News Journal
New businesses continue to open on Wilmington's Market Street. Suchat Pederson, The News Journal
The Hercules Plaza building at 1313 N. Market St. in Wilmington in 2017. SCOTT GOSS/THE NEWS JOURNAL
The storefront of Govatos restaurant and candy shop was rehabbed in 2011. GINGER WALL/THE NEWS JOURNAL
East Seventh and King streets in Wilmington, date unknown. The News Journal
Hercules officials Bruce Edge (from left), Al Hinkle, Glenn Kuebeler and Eric Fahnoe use what was state-of-the-art video conferencing equipment in January 1984. NEWS JOURNAL FILE
Bank of America on French Street between and 11th and 12th Street in 2017. Jennifer Corbett, The News Journal
The South Market Street bridge over the Christina River in Wilmington. William Bretzger, The News Journal
Delaware's largest movie theater in 1973, the Warner, was sold. Seen here from the top of the Brandywine Building, it was located on Delaware Avenue, between Orange and Tatnall streets in Wilmington. J. Glenn Crawford/The News Journal
The Hotel du Pont, as of 2019, houses a food hall on the first floor. Jennifer Corbett, The News Journal
A security guard monitors closed-circuit cameras at The Hercules Plaza building soon after its opening in 1983. NEWS JOURNAL FILE
Lights come on around downtown and Wilmington's Riverfront. William Bretzger, The News Journal
DECO food hall in Wilmington opened in 2019 in the Hotel du Pont. Jennifer Corbett, The News Journal
Wilmington Dry Goods in December 1950. The News Journal
Leo & Jimmy's Delicatessen on Market Street in downtown Wilmington closed in 2017 after 87 years in business. Suchat Pederson, The News Journal
The entrance to the Green Room at the Hotel du Pont in 1987. Studio Four photo
The Barclays Bank Building on the Wilmington Riverfront under construction on Dec. 1, 2006. Ginger Wall / The News Journal
The Wilmington Trust building on H.B. DuPont Plaza at 11th and Washington Streets in Wilmington, Thursday, March 22, 2012. The News Journal/WILLIAM BRETZGE, THE NEWS JOURNAL/WILLIAM BRETZGE
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