Thursday, January 10, 2013

Arkansas Teacher Ret. Syst. v. Mozilo (9th Cir. - Jan. 10, 2013)

You see a fair number of Ninth Circuit cases certifying questions to the California Supreme Court, the Arizona and Nevada Supreme Courts, etc.  Places in the Ninth Circuit.  It even certifies questions on occasion to courts in the CNMI and the like.

But you rarely see the Ninth Circuit certify questions to courts outside the Ninth Circuit.

You have now.

The Ninth Circuit certifies this one to the Delaware Supreme Court.  As you might imagine from the location (Delaware) and the caption -- litigation between a pension system and the former head of Countrywide -- it's a corporate shareholder (derivative) action.  So Delaware law governs. 

And the Ninth Circuit would like to know what it says.  From the horse's mouth rather than figuring it out for itself.

Your move, tiny state that borders the Atlantic.  A big state that borders that Pacific awaits your words.