Private Ordering in the Old Dominion: A Solution to Frivolous Litigation or the Elimination of a Fundamental Shareholder Right?

Rebekah Briggs*

Shareholder litigation is an important mechanism in corporate law for holding directors accountable to shareholders. It provides a method by which shareholders can recover when directors breach their fiduciary duties to the shareholders or the corporation. Additionally, the threat of shareholder litigation acts as a deterrent to future management misconduct. Thus, the right to sue “forms part of the portfolio of monitoring and enforcement tools for policing whether managers are acting as loyal agents.”

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