The Delaware Court of Chancery has dismissed a derivative lawsuit alleging that Sirius XM Radio Inc.’s board breached its fiduciary duties in 2009 when it agreed to provide Liberty Media Corp. with an opportunity to acquire the satellite radio provider in exchange for a $530 million loan to keep the company out of bankruptcy.
The court dismissed the lawsuit under the doctrine of laches, saying the shareholders waited until after the three-year statute of limitations had passed before pursuing litigation.
