IN RE ITT DERIVATIVE LITIGATION

No. 94S00-0911-CQ-508.

932 N.E.2d 664 (2010)

In re ITT DERIVATIVE LITIGATION, Sylvia B. Piven, et al., Plaintiffs, v. ITT CORPORATION, et al., Defendants.

Supreme Court of Indiana.

June 28, 2010.


Attorney(s) appearing for the Case

Robert I. Harwood, Samuel K. Rosen, New York, NY, Irwin B. Levin, Richard E. Shevitz, Arend J. Abel, Scott D. Gilchrist, Indianapolis, IN, Attorneys for Plaintiffs Anthony Reale and Robert Wilkinson.

Peter J. Rusthoven, Matthew S. Winings, Indianapolis, IN, Attorneys for Defendants Special Litigation Committee of the Board of Directors of ITT Corporation.

Jon B. Laramore, Matthew T. Albaugh, Indianapolis, IN, Attorneys for Amicus Curiae Indiana Legal Foundation, Inc.


SHEPARD, Chief Justice.

In 1986, the Indiana General Assembly adopted a new framework for business corporations. Broadly put, this case turns on whether that framework largely relies on business judgments by corporate directors in deciding whether a company should pursue certain claims it might have, or instead looks favorably to derivative suits initiated by individual stockholders. We conclude that the statute's text, its history, and our caselaw militate in favor...

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