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## Delaware Judge Dismisses Shareholder Lawsuit with Novel Claims About Corporate Leaders

A Delaware judge recently ruled to dismiss a shareholder lawsuit that raised unique claims regarding the responsibilities of corporate leaders, specifically questioning the loyalty of Meta directors and founder Mark Zuckerberg. The lawsuit argued that their obligations should not solely lie with the social media giant, Meta.

James McRitchie, a figure in corporate governance and shareholder activism, alleged that Meta’s directors were prioritizing profits over broader societal and economic interests, which includes the diversified investments Meta shareholders have in other companies. Despite a detailed 101-page argument that cited historical court rulings, legal literature, and even a Sherlock Holmes story, Vice Chancellor J. Travis Laster ultimately rejected McRitchie’s claims.

Under the traditional Delaware corporate law framework, directors are obligated to act in the best interests of the corporation’s stockholders. While McRitchie’s legal team advocated for a “portfolio theory” of corporate governance that considers external factors, such as the societal impacts of Meta’s products on society and the global economy, the court upheld the standard duty to shareholders.

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