KMK Law Corporate & Securities Blog

Recently, the European Union Court of Justice invalidated a Safe Harbor Framework (established in 2000), which thousands of companies relied upon to facilitate the transfer, processing and storage of data from the EU to the U.S.  Any company that processes and stores data from the EU, including customer and employee personal data, should be reviewing its contracts and procedures and monitoring these developments. 

In a recent decision of the Delaware Supreme Court, the court reversed a Chancery Court determination that a Director was sufficiently independent such that a demand on the Board of Directors was not excused.  The court clarified that directors whose deep friendship also involved financial ties may not be deemed independent in order to excuse a demand on a Board of Directors.