Eastman Kodak Co. convinced a federal judge that its board properly rejected litigating a derivative lawsuit over certain stock transactions that allegedly interfered with a $765 million Covid-19 government loan.
The board vote didn’t have to specifically address whether to start or continue litigation under a New Jersey business statute, Chief Judge Elizabeth A. Wolford said Monday for the US District Court for the Western District of New York. The state law merely allows “a vote considering more broadly the merits of the asserted claims” to determine the fate of a derivative suit, Wolford said, addressing an issue of first ...
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