Issue: Whether, consistent with the standard of review employed by other Circuit Courts of Appeals, but in direct conflict with the decision below, the United States Court of Appeals for the First Circuit should have reviewed for abuse of discretion the District Court’s determination, pursuant to Rule 23.1, that the particularized facts alleged in a shareholder derivative complaint were insufficient to excuse a pre-suit demand on the corporation's board of directors.
On Monday at 9:30 a.m. we expect orders from the October 17 Conference. We do not expect any decisions on the merits but will report promptly on any orders. The Court's next Conference is scheduled for October 31. The November sitting begins November 3.