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SCHOON v. SMITH

No. 554, 2006.

953 A.2d 196 (2008)

Richard W. SCHOON, Plaintiff Below-Appellant, v. Daryl D. SMITH, John F. Beckert, Mark C. Gwillim, Conrad A. Plimpton, and Troy Corporation, a Delaware Corporation, Defendants Below-Appellees.

Supreme Court of Delaware.

Decided: February 12, 2008.

Attorney(s) appearing for the Case

Kevin G. Abrams, Esquire, J. Travis Laster, Esquire (argued), and A. Thompson Bayliss, Esquire, of Abrams & Laster LLP, Wilmington, Delaware for Appellant.

Michael A. Weidinger, Esquire (argued) and Patricia R. Uhlenbrock, Esquire, of Morris James, LLP, Wilmington, Delaware; Michael J. Maimone, Esquire, and Paul D. Brown, Esquire, of Edwards Angell Palmer & Dodge LLP, Wilmington, Delaware for Appellees.

Before STEELE, Chief Justice, HOLLAND, BERGER, JACOBS, and RIDGELY, Justices, constituting the Court en Banc.

RIDGELY, Justice.

Appellant Richard W. Schoon is a director, but not a stockholder, of Troy Corporation, a privately held Delaware corporation. He filed a derivative action in the Court of Chancery on behalf of Troy, alleging breaches of fiduciary duties by his fellow directors. Schoon argued below that his role as a fiduciary to the corporation should permit him to have the same standing a stockholder has to bring a derivative action. The Court of Chancery dismissed...

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