Delaware Top Court Will Review Major Corporate Law Overhaul (1)

Delaware’s top court agreed Wednesday to swiftly review this year’s controversial overhaul of the state’s corporate laws, which set the nationwide tone on board battles, merger fights, executive liability, and shareholder rights.

Chief Justice Collins J. Seitz Jr. said the state supreme court will directly consider a dealmaking safe harbor created by state Senate Bill 21—along with another section of the statute making parts of it retroactive—instead of waiting for them to come up on appeal. After taking effect in late March, the provisions are already confronting a growing wave of legal challenges.

“There are important and urgent reasons ...