Ohio corporation obtains dismissal of shareholder lawsuits seeking inspection of books and records under Ohio statutory and common law

Client(s) FirstEnergy Corp.

Jones Day's client, FirstEnergy Corp., secured dismissal of lawsuits by beneficial shareholders seeking to inspect corporate books and records. In a matter of first impression, Jones Day argued that beneficial shareholders do not have inspection rights under Ohio Revised Code 1701.37(C) or the common law. In two separate decisions, the court agreed and, in both instances, dismissed the complaints filed by the beneficial shareholders.

Katz v. FirstEnergy Corp., Case No. CV-2020-10-2973 (Ct. C.P. Summit Cty., Ohio); Vanek v. FirstEnergy Corp., Case No. CV-2021-01-0152 (Ct. C.P. Summit Cty., Ohio)