As chief justice of Delaware's Supreme Court, Leo Strine has decided disput...
WILMINGTON, Del. - As chief justice of Delaware’s Supreme Court, Leo Strine has decided disputes affecting powerful U.S. companies and investors, but his departing thoughts were reserved for some unheralded participants in corporate America: workers.
“No one invests their money so that these corporations can spend it on politics. No one,” said Strine in an interview last week. “It’s unaccountable and it’s wrong.” During a rare major media interview in his Wilmington, Delaware office, Strine called upon big managers of 401 retirement account money such as Fidelity and Vanguard, who are frequently the biggest investors in major U.S. companies, to focus more on workers’ welfare.He said the big investment funds wrongly tolerate corporate political spending, which companies use to undermine federal worker protections and environmental laws.
Those rulings helped end a flood of shareholder class actions against merger deals. The suits produced fees for lawyers who brought the cases but rarely resulted in money for investors. Strine called the cases “an outrage against American stockholders and American workers.”
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