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STROUD v. GRACE

606 A.2d 75 (1992)

W.B. Dixon STROUD, Jr., Morris W. Stroud, Agnes S. Peele, and Anne S. Bradford, Plaintiffs Below, Appellants, v. J. Peter GRACE, Dr. George C. Dacey, Dr. T.J. Malone, Roger Milliken, H.W. Jockers, Dr. H. Keith Brodie, Minot K. Milliken, F.G. Rogers, Rene C. McPherson, Gerrish H. Milliken, and Milliken & Company, a Delaware Corporation, Defendants Below, Appellees.

Supreme Court of Delaware.

Decided: April 9, 1992.

Attorney(s) appearing for the Case

William Prickett (argued), Michael Hanrahan and Ronald A. Brown, Jr. of Prickett, Jones, Elliott, Kristol & Schnee, Wilmington, for plaintiffs below-appellants.

Andrew B. Kirkpatrick, Jr. (argued), and Andrew M. Johnston of Morris, Nichols, Arsht & Tunnell, Wilmington, for defendant below-appellee/cross-appellant Milliken & Company.

Clark W. Furlow and David A. Jenkins of Smith, Katzenstein & Furlow, Wilmington, for individual defendants below-appellees/cross-appellants.

Before HORSEY, MOORE and HOLLAND, JJ.

MOORE, Justice.

This appeal arises out of a series of disputes between Milliken Enterprises, Inc. ("Milliken"), a privately-held Delaware corporation, and certain shareholders, mostly members of the Stroud branch of the Milliken family (the "Strouds"). Plaintiffs brought individual and derivative claims against Milliken and its board of directors ("defendants"), alleging that the board breached its fiduciary duties by recommending...

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