Corporate Overhaul Challenge Kicks Off at Delaware Supreme Court

A closely watched Delaware case challenging this year’s corporate law overhaul began in earnest Friday, when a shareholder suing a Blackrock Inc. affiliate asked the state’s top court to reject key parts of the legislation.

The lawsuit targets a legal safe harbor covering certain types of self-dealing and a separate statutory provision making portions of the new law retroactive.

The changes—backed by the corporate defense bar, private equity lobbyists, and the state’s political establishment—took aim at a court crackdown on conflicts of interest that has drawn escalating attacks from Elon Musk, other tech founders, and their allies.

Gov. ...