Kevin Brady at Delaware Litigation Blog has the story. A copy of the opinion (issued in 2011) can be found here.

Evidently the law of the Marshall Islands, a former U.S. Trust Territory that is now an independent republic, directs the courts to consider Delaware law in corporate disputes.  Under Delaware law, a person seeking to bring a derivative claim (a claim on behalf of a corporation or other business entity) must show that he or she either made a demand on the Board of Directors, which was ignored, or else that the demand would be futile (because, for instance, the directors were involved in the harm being complained of). In Cockle v. Coustas, C.A. No. 2010-194 (MIHC Dec. 21, 2011), the High Court of the Marshall Islands adopted this Delaware standard for demand futility.