Chief Justice of the Delaware Supreme Court Leo Strine will retire in the next f...
WILMINGTON, Del. - Chief Justice of the Delaware Supreme Court Leo Strine will retire in the next few months, Governor John Carney announced on Monday, a leadership change in the court system that decides disputes for more than two-thirds of Fortune 500 companies.
Strine, 55, said in a letter to the governor he was prepared to serve until the end of October so a replacement could be identified, according to Carney.Delaware is one of the smallest U.S. states by land area, but more than two-thirds of Fortune 500 companies incorporate there because of the business expertise of its courts.
“Leo Strine as chief justice has had more influence in a short time on the Supreme Court than probably any chief justice in Delaware, maybe any jurist for the amount of time he has spent on the court,” said Stuart Grant, a high-profile shareholder lawyer who retired last year.RULINGS HAVE PLEASED BOTH SIDES
But in a series of rulings, Strine and fellow judges mapped out procedures that would protect mergers from lawsuits and shift the policing of acquisitions away from courts to shareholder votes. “Plaintiffs lawyers have been very successful in Delaware,” said Strine. “They wanted boards of directors to be open to the M&A market.”
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