Welcome

Zuckerberg, Facebook Board Secure Win in Suit Over Giving Pledge

Sept. 24, 2021, 2:47 PM

Current and former Facebook Inc. board members got Delaware’s top court to uphold their win against claims that they blew millions on a failed bid to restructure the company’s stock so CEO Mark Zuckerberg could stay at the helm while fulfilling a high-profile charity pledge.

The state’s justices late Thursday affirmed a ruling dismissing the case by Vice Chancellor J. Travis Laster, who held last year that the pension funds leading the lawsuit should have demanded an internal investigation before suing the board in Delaware’s Chancery Court.

Justice Tamika Montgomery-Reeves, writing for the state supreme court, said the “pre-suit demand” ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.