Richards Layton & Finger
 

Stone et al. v. Ritter et al.

November 6, 2006

In Stone v. Ritter, the Delaware Supreme Court affirmed the Court of Chancery’s dismissal1 of a complaint bringing a stockholders’ derivative action against fifteen current and former directors of AmSouth Bancorporation (“AmSouth”), a Delaware corporation. The claim was grounded in the fact that AmSouth had, in fact, paid some $50 million dollars in fines and penalties in order to resolve investigations for alleged violations of the federal Bank Secrecy Act (“BSA”)2 and various federal anti-money laundering (“AML”) regulations.

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