EnVen, Former Chief Tussle in Chancery Over Fiduciary Suit Forum

EnVen Energy Corp., a Houston-based oil exploration company, and its former president clashed in Delaware’s Chancery Court over where their fiduciary duty breach case should be heard.

EnVen, incorporated in Delaware, sued its former president, David M. Dunwoody Jr. in the Chancery Court in July, alleging that he breached fiduciary duty by allowing his father to benefit from a company vendor.

The case could offer insights as to what extent a Delaware corporation could use private contracts to shift fiduciary claims lawsuits against individual officers into courts outside of the state.

Dunwoody asked the court dismiss the case and said ...