On December 29th, the D.C. Circuit affirmed the dismissal of a pension fund's derivative lawsuit as barred by English law. The pension fund had invested in the American Depository Receipts of an English company which had allegedly paid kickbacks and bribes to a Saudi prince in order to obtain a Saudi military contract. Alleging breaches of fiduciary duties and corporate waste, the pension fund sued in U.S. federal court. Affirming the dismissal, the D.C. Circuit held that English law applied and that plaintiff failed to show an exception to the English rule that the company, not a shareholder, must bring suit. The plaintiff further failed to show that the alleged acts, even if illegal, were incapable of shareholder ratification under English law. City of Harper Woods Employees' Retirement System v. Olver.