Judge dismisses Meta shareholder lawsuit claiming that directors' obligations extend beyond company

A Delaware judge has dismissed a shareholder lawsuit asserting novel claims about the roles of corporate leaders and arguing that the loyalties of Meta directors and company founder Mark Zuckerberg should not lie exclusively with the social media giant. The judge on Tuesday rejected claims that Meta’s directors have breached their duties to the company by putting profits over broader societal and economic interests, including Meta shareholders’ diversified investments in other companies. In a 101-page opinion, the judge reiterated that, under Delaware law, directors of a corporation owe fiduciary duties to stockholders only in their capacities as investors in that company, and not in any other capacities they may have.