Landis Rath & Cobb, together with Hafetz & Necheles & Rocco, LLP, represented a defendant and former employee of AIG and successfully moved to dismiss the complaint. In the action, the stockholder plaintiffs alleged that AIG embarked on widespread illegal misconduct and sought to recover damages based on materially misleading and overstated, by billions of dollars, financial statements. Causes of action included breach of fiduciary duties, contribution and indemnification, conspiracy, and fraud. The Court of Chancery granted dismissal of the complaint for lack of personal jurisdiction, without needing to consider additional arguments that plaintiffs failed to satisfy the demand and demand excusal requirements under Chancery Rule 23.1, that the claims were time-barred, or that the complaint failed to assert claims on which relief can be granted.
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