UCLA Professor Bainbridge Takes On S.B. 75 And The Delaware Bar
Thursday, July 2, 2015

UCLA Law Professor Stephen Bainbridge recently posted an article calling Delaware’s recently enacted S.B. 75 a “self-inflicted wound”.   SB 75, which was signed into law late last month, limits the ability of Delaware stock corporations to adopt so-called “fee shifting” bylaw provisions. What I find particularly interesting is Professor Bainbridge’s thesis that the Delaware legislature acted at the behest of the Delaware bar which has a vested interest in maintaining, not limiting, stockholder litigation:

In sum, all corporate lawyers—litigators and transactional—have a strong incentive to oppose fee shifting bylaws. Hence, it was no surprise that the Delaware legislature—dominated in this area by the Delaware bar—leaped to ban such bylaws.

Along the way, he also cites this article (“In light of the foregoing considerations, it is not surprising that some informed commentators are predicting that S.B. 75 has the potential to substantially weaken Delaware’s competitive position.”).

Little Round Top

Late in the afternoon on this date in 1863, Colonel Joshua Chamberlain and the 20th Maine Regiment preserved the Union by undertaking a do-or-die bayonet charge against two Alabama regiments assaulting a hill known as “Little Round Top”.  By turning back the rebel troops, Colonel Chamberlain is credited with saving the federal army at the Battle of Gettysburg.

 

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