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BOILERMAKERS LOCAL 154 RET. FUND v. CHEVRON

Civil Action Nos. 7220-CS, 7238-CS.

73 A.3d 934 (2013)

BOILERMAKERS LOCAL 154 RETIREMENT FUND and Key West Police & Fire Pension Fund, Plaintiffs, v. CHEVRON CORPORATION, Samuel H. Armacost, Linnet F. Deily, Robert E. Denham, Robert J. Eaton, Chuck Hagel, Enrique Hernandez, Jr., Franklyn G. Jenifer, George L. Kirkland, Sam Nunn, Donald B. Rice, Kevin W. Sharer, Charles R. Shoemate, John G. Stumpf, Ronald D. Sugar, Carl Ware, and John S. Watson, Defendants. IClub Investment Partnership, Plaintiff, v. FedEx Corporation, James L. Barksdale, John A. Edwardson, J.R. Hyde, III, Shirley A. Jackson, Steven R. Loranger, Gary W. Loveman, Susan C. Schwab, Frederick W. Smith, Joshua I. Smith, David P. Steiner, and Paul S. Walsh, Defendants.

Court of Chancery of Delaware.

Decided: June 25, 2013.

Attorney(s) appearing for the Case

Michael Hanrahan, Esquire , Paul A. Fioravanti, Jr., Esquire , Tanya E. Pino, Esquire , Kevin H. Davenport, Esquire , Prickett, Jones & Elliott, P.A., Wilmington, Delaware; Marc A. Topaz, Esquire , Lee D. Rudy, Esquire , Eric L. Zagar, Esquire , Michael C. Wagner, Esquire , James H. Miller, Esquire , Kessler Topaz Meltzer & Check, LLP, Radnor, Pennsylvania; Robert D. Klausner, Esquire , Stuart A. Kaufman, Esquire , Klausner, Kaufman, Jensen & Levinson, Plantation, Florida, Attorneys for Plaintiffs Boilermakers Local 154 Retirement Fund, Key West Police & Fire Pension Fund, and IClub Investment Partnership.

William B. Chandler III, Esquire , Tamika R. Montgomery, Esquire , Ryan A. McLeod, Esquire , Ian R. Liston, Esquire , Wilson Sonsini Goodrich & Rosati, P.C., Georgetown, Delaware; David J. Berger, Esquire , Wilson Sonsini Goodrich & Rosati, P.C., Palo Alto, California, Attorneys for Defendants Chevron Corporation, Samuel H. Armacost, Linnet F. Deily, Robert E. Denham, Robert J. Eaton, Chuck Hagel, Enrique Hernandez, Jr., Franklyn G. Jenifer, George L. Kirkland, Sam Nunn, Donald B. Rice, Kevin W. Sharer, Charles B. Shoemate, John G. Stumpf, Ronald D. Sugar, Carl Ware, and John S. Watson.

A. Gilchrist Sparks, III, Esquire , Kenneth J. Nachbar, Esquire , Bradley D. Sorrels, Esquire , Morris, Nichols, Arsht & Tunnell LLP, Wilmington, Delaware, Attorneys for Defendants FedEx Corporation, James L. Barksdale, John A. Edwardson, J.R. Hyde, III, Shirley A. Jackson, Steven R. Loranger, Gary W. Loveman, Susan C. Schwab, Frederick W. Smith, Joshua I. Smith, David P. Steiner, and Paul S. Walsh.

OPINION

STRINE, Chancellor.

I. Introduction

The board of Chevron, the oil and gas major, has adopted a bylaw providing that litigation relating to Chevron's internal affairs should be conducted in Delaware, the state where Chevron is incorporated and whose substantive law Chevron's stockholders know governs the corporation's internal affairs. The board of the logistics company FedEx, which is also incorporated in Delaware and whose internal...

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