McMullin v. Beran

HOLLAND, Justice.

The plaintiff-appellant, Mary E. McMul-lin, a purported shareholder of ARCO Chemical Company (“Chemical”), filed this putative class action against Chemical, its directors (the “Individual Defendants” or the “Chemical Directors”), Atlantic Rich-field Company (“ARCO”), Lyondell Petrochemical Company (“Lyondell”), and Lyondell’s subsidiary, Lyondell Acquisition Corporation. ARCO owned 80% of Chemical’s common stock. The Amended Complaint alleged that the Individual Defendants and ARCO, aided and abetted by Lyondell, breached their fiduciary duties in connection with Lyondell’s…