Southwest SLC recommends dismissal of derivative suits over Dec 2022 meltdown

SOUTHWEST AIRLINES CO

Special Litigation Committee (SLC) concluded it is not in company's best interests to pursue derivative claims related to December 2022 service disruption.
Six derivative suits and multiple demand letters alleged breach of fiduciary duty, waste, and misleading statements; all were stayed pending SLC investigation.
SLC retained two law firms, reviewed evidence since July 2023; unanimously adopted resolution on September 19, 2024.
Company will move to dismiss derivative actions in accordance with Texas law.

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