Seinfeld v. Verizon Communications, Inc.

HOLLAND, Justice.

The plaintiff-appellant, Frank D. Seinfeld (“Seinfeld”), brought suit under section 220 of the Delaware General Corporation Law to compel the defendant-appellee, Verizon Communications, Inc. (“Verizon”), to produce, for his inspection, its books and records related to the compensation of Verizon’s three highest corporate officers from 2000 to 2002. Seinfeld claimed that their executive compensation, individually and collectively, was excessive and wasteful. On cross-motions for summary judgment, the Court of Chancery applied well-established Delaware law and held that…