Delaware Supreme Court’s New Guidance on DGCL Section 220 Admits “Reliable Hearsay”

August 3, 2022 —

On July 19, the Delaware Supreme Court contributed to a wave of recent jurisprudence that grants stockholders greater access to corporate records under Section 220 of Delaware General Corporation Law (DGCL). In NVIDIA Corp. v. City of Westmoreland Policy and Fire Retirement System, Del. Supr., No. 259, 2021 (July 19, 2022), a divided bench held that the “credible basis” standard of evidence to obtain corporate records for a “proper purpose” under Section 220 may be satisfied by “reliable hearsay.”

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