Lewis v. Anderson

HORSEY, Justice.

Plaintiff appeals from an Order of the Court of Chancery dismissing his derivative action asserted on behalf of Conoco, Inc. (“Old Conoco”), a Delaware corporation, against Old Conoco’s former management. Dismissal followed Old Conoco’s merger with a wholly-owned subsidiary of E.I. Du Pont de Nemours and Company (“Du Pont”), Du Pont Holdings, Inc., renamed Conoco, Inc. (“New Conoco”). The question presented involves the effect of a corporate merger on ownership of a derivative claim and standing of the derivative claimant to pursue his claim following merger. The Chancellor…