Citizens for Judicial Fairness Backs Delaware Legislation Reforming Laws Governing Court of Chancery
25 June 2024 - 3:34AM
Business Wire
Today, Community Activist Keandra McDole, released the following
statement in Support of Chancery Court Reform through Delaware
State Senate Bill 313:
“As Delaware Senate Bill 313 – aimed at reforming just a small
piece of Delaware's archaic corporate laws governing the Court of
Chancery – progresses, we stand in full support of the measure and
we are compelled to voice my strong support for this pivotal
legislative effort.
“As the nation’s most trafficked business court, the beleaguered
Delaware Court of Chancery maintains an outsized stranglehold
reputation as a bastion of corporate law and is in need of radical
reform however it may come. The court has expanded its role long
beyond its legal means.
“For years, CJF has advocated for reforms, including
transparency measures and financial disclosures from justices, to
no avail. Now, however, this legislation represents a small step
forward in reigning in the unchecked power of the Chancery
Court.
“Delaware's position as a premier jurisdiction for corporate
litigation hinges on its ability to adapt and innovate. The reason
states like Nevada and Texas have made great strides in passing the
First State in recent years are due to Delaware’s legislative
complacency in the face of the Court of Chancery’s judicial
activism.
“While the measure’s detractors, including Chancery Chancellor
McCormick, believe this law could threaten over 230 years of
corporate leadership & 37% of state revenues, we say it’s time
for a change, and that the only thing threatening state revenues
are the glaring inequalities embedded deep in our legal system.
“I urge the members of the House to seize this opportunity to
enact meaningful change by swiftly passing this legislation and
seizing on the momentum for Chancery Court reform. Together, we can
uphold Delaware's legacy of excellence in corporate law and
reinforce our commitment to judicial fairness.”
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