Westmoreland County Employee Retirement System v. Parkinson

WOOD, Circuit Judge.

This is a shareholder derivative suit arising out of the protracted, and ultimately unsuccessful, efforts of Baxter International, Inc., to fix various problems with a medical device called the Colleague Infusion Pump. Westmoreland County Employee Retirement System (Westmoreland) alleges that Baxter’s directors and officers breached their fiduciary duties by “consciously disregarding] their responsibility to bring Baxter into compliance with [a 2006] Consent Decree and related health and safety laws.” This breach, it contends, caused Baxter to lose more than $550 million…