Richards Layton & Finger

Chancery Court Decides First Action Under New Section 205

May 7, 2014

On April 1, Trupanion Inc. and its chief executive officer filed what is believed to be the first petition seeking relief in the Delaware Court of Chancery pursuant to Section 205 of the Delaware General Corporation Law. In less than a month, the Chancery Court issued a final order in the action, resolving multiple questions relating to Trupanion's corporate existence and actions it had taken over several years, in In re Trupanion, C.A. No. 9496-VCP (Del. Ch. April 28, 2014). Prior to the adoption of Section 205, such a timely and comprehensive resolution of the issues Trupanion faced would not have been possible.