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Robert B. Greco of Richard, Layton and Finger Robert B. Greco of Richards, Layton & Finger

In Stein v. Blankfein, C.A. No. 2017-0354-SG (Del. Ch. May 31), the Delaware Court of Chancery issued one of its first opinions addressing director compensation following the Delaware Supreme Court’s ruling in In re Investors Bancorp Stockholder Litigation, 177 A.3d 1208 (Del. 2017), that stockholder approval of a compensation plan may only “ratify” future director awards if the board is left with no further discretion in awarding grants under the plan. Applying Investors Bancorp, the court in Stein declined to dismiss a challenge to discretionary director awards. The court nevertheless dismissed related disclosure claims, including those seeking to invalidate past equity grants, in accordance with the Delaware courts’ preference for disclosure claims to be pressed pre-closing.

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