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IN RE LOUISIANA-PAC. CORP. DERIVATIVE LIT.

Civil Action No. 14322.

705 A.2d 238 (1997)

In re LOUISIANA-PACIFIC CORP. DERIVATIVE LITIGATION.

Court of Chancery of Delaware, New Castle County.

Decided: May 2, 1997.

Attorney(s) appearing for the Case

Norman M. Monhait, Rosenthal, Monhait, Gross & Goddess, P.A., Wilmington; of counsel: Abbey, Gardy & Squitieri, L.L.P.; Wolf Popper, L.L.P., Bernstein Liebhard & Lifshitz, New York City, for Plaintiffs.

Charles F. Richards, Jr., Daniel A. Dreisbach, Matthew J. Ferretti, Robert J. Steam, Jr., of Richards, Layton & Finger, Wilmington, for Defendants Pierre S. DuPont IV, Donald R. Kayser, Francine I. Neff, Bonnie Guiton Hill and Charles E. Yeager.

ALLEN, Chancellor.

Following the April 17, 1997 hearing on the fairness and adequacy of a proposed settlement of this derivative lawsuit, the court ruled that the terms of the settlement were fair and reasonable and that the settlement would be approved. The gist of the complaint was that the defendants, who constituted the senior officers and board of Louisiana-Pacific Corporation, had violated their fiduciary duty of care in permitting the operations of the corporation...

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