US: Delaware: Can a company company director bring a derivative action?

In Schoon v Smith (No 554, 2006, 12 February 2008) it was argued that equity and public policy support the argument that a company director should be able to bring a derivative action in respect of wrongdoing by the company’s other directors. The Delaware Supreme Court rejected this argument; the court’s opinion contains some very interesting discussion of the equitable principles governing the derivative action in Delaware.