The Delaware Supreme Court decided Thursday not to overturn a decision finding an $875 million deal between financial services companies BGC Partners Inc. and Cantor Fitzgerald met the entire fairness standard, cementing a rare type of defense verdict in the Court of Chancery.
The ruling is a win for the Latham & Watkins and Young Conaway Stargatt & Taylor team that defended Cantor Fitzgerald and its CEO Howard Lutnick, as well as the three members of BGC’s audit committee who were represented by Mayer Brown and Richards, Layton & Finger. The court affirmed the decision en banc but did not issue an opinion elaborating on its reasoning.
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