Stewart v. Wilmington Trust SP Services, Inc., et al., C.A. No. 9306-VCP (Del. Ch. Mar. 26, 2015). This opinion from the Delaware Court of Chancery should be required reading for anyone who wants to know the latest iteration of Delaware law on the doctrine of in pari delicto and its exceptions. This opinion involves the Delaware Insurance Commissioner acting as a receiver for captive insurance companies, and addresses claims by a corporation against directors, the company’s auditor and a management company. Those involved in corporate litigation will be interested in the “fiduciary duty exception” and the “adverse interest exception” to the in pari delicto doctrine as well as the court’s application in this 94-page opinion of those exceptions to claims for aiding and abetting breaches of fiduciary duty. The procedural context of this decision is a ruling on motions to dismiss.
UPDATE: On April 27, 2015, the Court of Chancery granted (the first leg) of a request for an interlocutory appeal based on Chancery Rule 72 and Supreme Court Rules 41 and 42.