Judge dismisses Meta shareholder lawsuit claiming that directors' obligations extend beyond company

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A Delaware judge has dismissed a shareholder lawsuit asserting novel claims about the roles of corporate leaders and arguing that the loyalties of Meta directors and company founder Mark Zuckerberg should not lie exclusively with the social media...

A Delaware judge on Tuesday dismissed a shareholder lawsuit asserting novel claims about the roles of corporate leaders and arguing that the loyalties of Meta directors and company founder Mark Zuckerberg should not lie exclusively with the social media giant.

“At most, he has shown that some academics — primarily from the law and economics school — have assumed that a diversified-investor model is the norm. He has also shown that some investor advocacy organizations would prefer that model.

 

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