Florida Statute 607.0745 - Full Text and Legal Analysis

The 2025 Florida Statutes

Title XXXVI
BUSINESS ORGANIZATIONS

Chapter 607
FLORIDA BUSINESS CORPORATION ACT

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607.0745 Discontinuance or settlement; notice.—

(1) A derivative action on behalf of a corporation may not be discontinued or settled without the court’s approval.

(2) If the court determines that a proposed discontinuance or settlement will substantially affect the interest of the corporation’s shareholders or a class, series, or voting group of shareholders, the court shall direct that notice be given to the shareholders affected. The court may determine which party or parties to the derivative action shall bear the expense of giving the notice.

History.—s. 77, ch. 2019-90.

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Amendments to 607.0745

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Cases Citing Statute 607.0745

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Mark Spanakos v. Hawk Sys., Inc. (Fla. 4th DCA 2023).

Published | Florida 4th District Court of Appeal

...nt that the proposal for settlement needed to list court approval as a condition of settlement, as this argument was not presented to the trial court. In any event, while settlements in derivative shareholder actions require court approval, see § 607.0745(1), Fla....

...Had Spanakos accepted the offer, the court would have then determined the identities of the nonparticipating shareholders and directed notice of the settlement to the nonparticipating shareholders for their potential objections at a fairness hearing. See § 607.0745(2), Fla. Stat....

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