(Adds Jacobs comment in first, third paragraphs)
By Tom Hals
April 1 Delaware Supreme Court Justice Jack
Jacobs notified the state's governor that he planned to retire
on July 4 and told Reuters on Tuesday that he hopes to return to
Jacobs has been on the court, which plays an important role
in Wall Street dealmaking, since 2003. He previously spent 18
years on the Court of Chancery, the state's
nationally-recognized venue for shareholder disputes.
"No one can or should occupy these positions of trust for
too long," Jacobs wrote to Delaware Gov. Jack Markell on Monday.
Jacobs provided a copy of the letter to Reuters and said in an
email his hope is to practice law after he leaves the court.
The state's highest court has the final say on Delaware
corporate law, which governs a majority of U.S.-listed
Last month, for example, the court held that buyouts of
companies by controlling shareholders could be subject to less
rigorous court review if certain protections are in place for
Delaware's Supreme Court lineup was unchanged for nine years
until Myron Steele retired last year as chief justice. He was
replaced by the Leo Strine, who had been chief judge on the
Court of Chancery.
Many in Delaware's tight-knit legal community have
speculated that the four remaining justices might be more likely
to consider retirement after Steele's departure.
(Reporting by Tom Hals in Wilmington, Delaware; editing by G
Crosse and Lisa Von Ahn)