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CA. TEACHERS' RETIREMENT SYS. v. ALVAREZ

No. 295, 2016.

179 A.3d 824 (2018)

CALIFORNIA STATE TEACHERS' RETIREMENT SYSTEM, New York City Employees' Retirement System, New York City Police Pension Fund, Police Officers' Variable Supplements Fund, Police Supervisor Officers' Variable Supplements Fund, New York City Fire Department Pension Fund, Fire Fighters' Variable Supplements Fund, Fire Officers' Variable Supplements Fund, Board of Education Retirement System of the City of New York, Teachers' Retirement System of the City of New York, New York City Teachers' Variable Annuity Program, and Indiana Electrical Workers Pension Trust Fund IBEW, Plaintiffs Below, Appellants, v. Aida M. ALVAREZ, James I. Cash, Jr., Roger C. Corbett, Douglas N. Daft, Michael T. Duke, Gregory B. Penner, Steven S. Reinemund, Jim C. Walton, S. Robson Walton, Linda S. Wolf, H. Lee Scott, Jr., Christopher J. Williams, James W. Breyer, M. Michele Burns, David D. Glass, Roland A. Hernandez, John D. Opie, J. Paul Reason, Arne M. Sorenson, Jose H. Villarreal, Jose Luis Rodriguezmacedo Rivera, Eduardo Castro-wright, Thomas A. Hyde, Thomas A. Mars, John B. Menzer, Eduardo F. Solorzano Morales, and Lee Stucky, Defendants Below, Appellees, Wal-Mart Stores, Inc., Nominal Defendant Below, Appellee.

Supreme Court of Delaware.

Decided: January 25, 2018.

Attorney(s) appearing for the Case

Stuart M. Grant, Esquire , (argued), Michael J. Barry, Esquire , and Nathan A. Cook, Esquire , Grant & Eisenhofer, P.A., Wilmington, Delaware; Christine S. Azar, Esquire , Ryan T. Keating, Esquire , and Ned Weinberger, Esquire , Labaton Sucharow LLP, Wilmington, Delaware. Of Counsel: Daniel Girard, Esquire , Amanda Steiner, Esquire , Dena Sharp, Esquire , Adam Polk, Esquire , and Jordan Elias, Esquire , Girard Gibbs LLP, San Francisco, California; Thomas A. Dubbs, Esquire , Louis Gottlieb, Esquire , and Jeffrey A. Dubbin, Esquire , Labaton Sucharow LLP, New York, New York; Frederic S. Fox, Esquire , Hae Sung Nam, Esquire , Donald R. Hall, Esquire and Jeffrey P. Campisi, Esquire , Kaplan Fox & Kilsheimer LLP, New York, New York, for Appellants.

Donald J. Wolfe, Jr., Esquire , Steven C. Norman, Esquire and Tyler J. Leavengood, Esquire , Potter Anderson & Corroon LLP, Wilmington, Delaware. Of Counsel: Theodore J. Boutrous, Jr., Esquire (argued), and Alexander K. Mircheff, Esquire , Gibson Dunn & Crutcher LLP, Los Angeles, California; Mark A. Perry, Esquire , Gibson Dunn & Crutcher LLP, Washington, D.C., for Appellees.

David C. McBride, Esquire , and Nicholas J. Rohrer, Esquire , Young Conaway Stargatt & Taylor, LLP, Wilmington, Delaware. Of Counsel: Theodore N. Mirvis, Esquire , and Joshua J. Card, Esquire , Wachtell, Lipton, Rosen & Katz, New York, New York; Liz Dougherty, Esquire , Business Roundtable, Washington, D.C., for Amicus Curiae, the Business Roundtable.

Kathaleen St. J. McCormick, Esquire , and Nicholas J. Rohrer, Esquire , Young Conaway Stargatt & Taylor, LLP, Wilmington, Delaware. Of Counsel: Amanda F. Davidoff, Esquire , Judson O. Littleton, Esquire , and Lee J.F. Deppermann, Esquire , Sullivan & Cromwell LLP, Washington, D.C.; Steven P. Lehotsky, Esquire , and Janet Galeria, Esquire , U.S. Chamber Litigation Center, Inc., Washington, D.C.; Deborah R. White, Esquire , Retail Litigation Center, Inc., Arlington, Virginia, for Amici Curiae, the Chamber of Commerce of the United States of America and Retail Litigation Center, Inc.

Before VALIHURA, VAUGHN and TRAYNOR, Justices; WHARTON and CLARK, Judges constituting the Court en Banc.

The Court of Chancery initially found that Wal-Mart stockholders who were attempting to prosecute derivative claims in Delaware could no longer do so because another court, a federal court in Arkansas, had reached a final judgment on the issue of demand futility first, and the stockholders...

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