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Publication Date: 2023-07-31
Practice Area: Corporate Governance
Industry: Financial Services and Banking | Investments and Investment Advisory
Court: U.S. District Court of Delaware
Judge: District Judge Seitz
Attorneys: For plaintiff: Kevin J. Connors, Aaron E. Moore, Marshall Dennehey Warner Coleman & Goggin, Wilmington, DE; Michael H. McGinley, Rick S. Horvath, Stuart T. Steinberg, Dechert LLP, Philadelphia, PA; Brett A. Scher, Patrick M. Kennell, Kaufman Dolowich & Voluck, LLP, New York, NY for appellant.
for defendant: Kevin H. Davenport, Eric J. Juray, John G. Day, Prickett, Jones & Elliott, P.A., Wilmington, DE for appellees.
Case Number: 2021-0173
Chancery court correctly disregarded corporate charter provision deeming board action "conclusive and binding" where the provision had the effect of exculpating directors from liability for breaching their duty of loyalty to the corporation.
Publication Date: 2023-07-24
Practice Area: Labor Law
Industry: Investments and Investment Advisory | Manufacturing
Court: U.S. Court of Appeals for the Third Circuit
Judge: Judge Chagares
Attorneys: For plaintiff: Sarah M. Adams, Michael J. Prame, Groom Law Group Chartered, Washington, DC; Mark A. Nebrig, Moore & Van Allen, Charlotte, NC; Kevin J. Connors, Marshall Dennehey Warner Coleman & Goggin, P.C., Wilmington, DE for appellants.
for defendant: Daniel Feinberg, Feinberg Jackson Worthman & Wasow, Berkeley, CA; David A. Felice, Bailey & Glasser LLP, Wilmington, DE. Ryan T. Jenny, Gregory Y. Porter, Bailey & Glasser LLP, Washington, D.C.; Peter K. Stris, Rachana A. Pathak, John R. Stokes, Stris & Maher LLP, Los Angeles, CA; Tillman J. Breckenridge, Stris & Maher LLP, Washington, DC for appellee.
Case Number: 21-2801
Nonseverable class action waiver in ESOP plan's arbitration provision rendered provision unenforceable where waiver barred plan participants from pursuing remedies authorized by ERISA.
Publication Date: 2023-07-17
Practice Area: Securities Litigation
Industry: Insurance | Investments and Investment Advisory
Court: U.S. Court of Appeals for the Third Circuit
Judge: Judge Phipps
Attorneys: For plaintiff: Joseph D. Daley, Robbins Geller Rudman & Dowd, San Diego, CA; Peter S. Pearlman, Cohn Lifland Pearlman Herrmann & Knopf, Saddle Brook, NJ; Daniel J. Pfefferbaum, Shawn A. Williams, Robbins Geller Rudman & Dowd, San Francisco, CA; Douglas Wilens, Robbins Geller Rudman & Dowd, Boca Raton, FL for appellant.
for defendant: David D. Cramer, Tricia B. O’Reilly, Walsh Pizzi O’Reilly & Falanga, Newark, NJ; Maeve L. O’Connor, Susan R. Gittes, Aasiya F.M. Glover, Debevoise & Plimpton, New York, NY for appellees.
Case Number: 21-1147
Stockholder sufficiently alleged false or misleading corporate statements where life insurance company reported normal or slightly negative mortality experience only weeks prior to announcing massive increase in reserves, and stockholder had confidential internal information indicating the company had already been contemplating increasing reserves.
Publication Date: 2023-07-17
Practice Area: Mergers and Acquisitions
Industry: E-Commerce | Investments and Investment Advisory | Transportation
Court: Court of Chancery
Judge: Vice Chancellor Fioravanti
Attorneys: For plaintiff: Daniel A. Mason, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Wilmington, DE; Bruce Birenboim, Jaren Janghorbani, Paul A. Paterson, Kristina A. Bunting, Jonathan C. Day, Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY for plaintiffs.
for defendant: Daniel M. Silver, Sarah E. Delia, Travis J. Ferguson, Shannon D. Humiston, McCarter & English, LLP for defendant.
Case Number: 2022-0690-PAF
Although parties entered binding acquisition agreement, buyer was not obligated to close where seller had yet to meet condition precedent to obtain agreements from all its stockholders to tender their equity.
Publication Date: 2023-07-17
Practice Area: Mergers and Acquisitions
Industry: Health Care | Investments and Investment Advisory | Legal Services
Court: Court of Chancery
Judge: Chancellor McCormick
Attorneys: For plaintiff: Ryan M. Ernst, Bielli & Klauder, LLC, Wilmington, DE; Michael A. Rogovin, Weiss Law, Atlanta, GA for plaintiff
for defendant: Paul J. Lockwood, Arthur R. Bookout, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE for defendant.
Case Number: 2021-0202-KSJM
Supplemental proxy disclosures that were only marginally helpful to shareholders and were not clearly material to their analysis only supported a minimal award of legal fees and costs to plaintiff stockholder.
Law Journal Press | Digital Book
Authors: George Bochetto, David P. Heim, John A. O’Connell, Robert S. Tintner
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Publication Date: 2023-07-03
Practice Area: Creditors' and Debtors' Rights
Industry: Financial Services and Banking | Investments and Investment Advisory | Technology Media and Telecom
Court: Court of Chancery
Judge: Vice Chancellor Cook
Attorneys: For plaintiff: C. Barr Flinn, James M. Yoch, Jr., M. Paige Valeski, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE for plaintiff.
for defendant: Brock E. Czeschin, Angela Lam, John M. O’Toole, Richards, Layton & Finger, P.A., Wilmington, DE; Patricia L. Enerio, Aaron M. Nelson, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; John M. Lundin, Niall D. Ó Murchadha, Cynthia L. Botello, Lundin PLLC, New York, NY; John A. Sensing, Potter Anderson & Corroon LLP, Wilmington, DE for defendants.
Case Number: 12077-NAC
Adverse judgment in related action between the parties did not compel dismissal of plaintiff's aiding and abetting breach of fiduciary duty and unjust enrichment claims where those claims went beyond the scope of the intercreditor agreement that another state's court concluded precluded plaintiff from recovering for default on its note.
Publication Date: 2023-07-03
Practice Area: Contracts
Industry: Energy | Investments and Investment Advisory
Court: Delaware Superior Court
Judge: Judge Clark
Attorneys: For plaintiff: John L. Reed, Daniel P. Klusman, Peter H. Kyle, DLA Piper, LLP, Wilmington, DE; Michael D. Hynes, Emma Kramer Jones, DLA Piper, New York, NY; Benjamin D. Schuman, Ellen E. Dew, DLA Piper, LLP, Baltimore, MD for plaintiff.
for defendant: Steven T. Margolin, Lisa Z. Brown, Samuel L. Moultrie, Bryan T. Reed, Greenberg Traurig LLP, Wilmington, DE; Hal S. Shaftel, Daniel Friedman, Greenberg Traurig LLP, New York, NY for defendants.
Case Number: N15C-08-109 JJC CCLD
Court declined to award prevailing plaintiff reimbursement of special discovery master and mediation fees where such fees fell within the category of pre-trial costs that each party was expected to bear on its own, as there was no evidence that defendant acted in bad faith or engaged in litigation misconduct.
Publication Date: 2023-06-27
Practice Area: Bankruptcy
Industry: Biotechnology | Investments and Investment Advisory
Court: U.S. Bankruptcy Court
Judge: Judge Dorsey
Attorneys: For plaintiff:
for defendant:
Case Number: 19-10603 (JTD)
Plan administrator who was former common stockholder was not obligated to be disinterested and did not have interests unaligned with those of former preferred stockholders in recovering assets belonging to debtors.
Publication Date: 2023-06-27
Practice Area: Bankruptcy
Industry: Investments and Investment Advisory
Court: U.S. Bankruptcy Court
Judge: Judge Shannon
Attorneys: For plaintiff: Michael J. Farnan, Farnan LLP, Wilmington, DE; J. Christopher Shore, Colin T. West, White & Case, LLP, New York, NY for plaintiff.
for defendant: Michael S. Neiberg, Young, Conaway, Stargatt & Taylor, LLP, Wilmington, DE; Sabina Willett, Morgan Lewis & Bockius LLP, Boston, MA; David M. Stern, KTBS Law LLP, Los Angeles, CA for defendants.
Case Number: 15-11934 (BLS)
Suit to recover proceeds of the sale of debtor as a fraudulent transfer failed where the acquisition negotiations were fair and conducted at arms-length, since the seller was entitled to sell the company for as much as they could get and the buyer was free to negotiate what it considered a fair price, even though in hindsight the purchase price seemed overinflated as it placed an unsustainable amount of debt on the company.
Publication Date: 2023-06-20
Practice Area: Mergers and Acquisitions
Industry: Automotive | Energy | Investments and Investment Advisory
Court: Delaware Supreme Court
Judge: Justice Valihura
Attorneys: For plaintiff: Jay W. Eisenhofer, Christine M. Mackintosh, Kelly L. Tucker, Vivek Upadhya, Grant & Eisenhofer P.A., Wilmington, DE; Michael Hanrahan, Kevin H. Davenport, Samuel L. Closic, Prickett, Jones & Elliott, P.A., Wilmington, DE; Daniel L. Berger, Grant & Eisenhofer P.A., New York, NY; Lee D. Rudy, Eric L. Zagar, Justice O. Reliford, Matthew Benedict, Kessler Topaz Meltzer & Check, LLP, Radnor, PA; Randall J. Baron, David T. Wissbroecker, Robbins Gellar Rudman & Dowd LLP, San Diego, CA for appellants.
for defendant: David E. Ross, Garrett B. Moritz, Ross Aronstam & Moritz LLP, Wilmington, DE; Evan R. Chesler, Daniel Slifkin, Vanessa A. Lavely, Cravath, Swaine & Moore LLP, New York, NY for appellee.
Case Number: 181, 2022
Chancery court correctly found acquisition of company partially owned by controlling stockholder was entirely fair where stockholder recused himself from shareholder vote, the board operated independently, and evidence demonstrated that the acquired company had value from long-term cash flows and was not worthless due to being insolvent.
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