LOUISIANA MUN. POLICE EMPLOYEES RETIREMENT v. WYNN

No. 14-15695.

829 F.3d 1048 (2016)

LOUISIANA MUNICIPAL POLICE EMPLOYEES' RETIREMENT SYSTEM; Boilermakers Lodge No. 154 Retirement Fund; Maryanne Solak; Excavators Union Local 731 Welfare Fund, Plaintiffs-Appellants, v. Stephen A. WYNN; Linda Chen; Russell Goldsmith; Ray R. Irani; John A. Moran; Robert J. Miller; Marc D. Schorr; Alvin V. Shoemaker; D. Boone Wayson; Allan Zeman; Elaine P. Wynn; Wynn Resorts Limited, Defendants-Appellees.

United States Court of Appeals, Ninth Circuit.

Filed July 18, 2016.


Attorney(s) appearing for the Case

Richard A. Speirs (argued) and Christopher Lometti , Cohen Milstein Sellers & Toll PLLC, New York, New York; Daniel S. Sommers , and Elizabeth A. Aniskevich , Cohen Milstein Sellers & Toll PLLC, Washington, D.C.; for Plaintiff-Appellant Excavators Union Local 731 Welfare Fund.

Felipe J. Arroyo (argued), Shane P. Sanders , and Gina Stassi , Robbins Arroyo LLP, San Diego, California, for Plaintiff-Appellant Boilermakers Lodge No. 154 Retirement Fund.

John T. Jasnoch , Scott + Scott Attorneys at Law LLP, San Diego, California, for Plaintiff-Appellant Louisiana Municipal Police Employees' Retirement System.

Geoffrey M. Johnson , Scott + Scott Attorneys at Law LLP, Cleveland Heights, Ohio, for Plaintiff-Appellant Louisiana Municipal Police Employees' Retirement System.

John P. Aldrich , Aldrich Law Firm Ltd, Las Vegas, Nevada, for Plaintiffs-Appellants.

Todd L. Bice (argued), James J. Pisanelli , and Debra L. Spinelli , Pisanelli Bice PLLC, Las Vegas, Nevada; Paul K. Rowe , Bradley R. Wilson , and Grant R. Mainland , Wachtell, Lipton, Rosen & Katz, New York, New York; Robert L. Shapiro , Glaser Weil Fink Howard Avchen & Shapiro LLP, Los Angeles, California; for Defendants-Appellees Linda Chen, Russell Goldsmith, Ray R. Irani, John A. Moran, Robert J. Miller, Marc D. Schorr, Alvin V. Shoemaker, D. Boone Wayson, and Allan Zeman.

John B. Quinn and Michael T. Zeller , Quinn Emanuel Urquhart & Sullivan LLP, Los Angeles, California, for Defendant-Appellee Elaine P. Wynn.

Donald J. Campbell and J. Colby Williams , Campbell & Williams, Las Vegas, Nevada, for Defendant-Appellee Stephen A. Wynn.

Before: Jerome Farris, Diarmuid F. O'Scannlain, and Morgan Christen, Circuit Judges.


OPINION

We must decide whether shareholders may pursue a derivative lawsuit against a corporation's board of directors despite their failure to demand that the board initiate this litigation itself.

I

This is a shareholder derivative suit. The plaintiffs are shareholders of Wynn Resorts, Limited...

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