Kessler Topaz Meltzer & Check and Prickett Jones & Elliott set a record in the Delaware Court of Chancery less than two months ago when they won a $305 million attorney fee award in the Grupo Mexico shareholder derivative litigation. But that doesn’t mean the firms are willing to let companies limit them from bringing M&A shareholder suits in other courts.
The firms, along with Klausner Kaufman Jensen & Levinson, unleashed a volley of shareholder class action complaints on Feb. 6 and 7 challenging bylaw provisions adopted by nine companies that require certain shareholder suits to be filed exclusively in the Delaware Chancery Court. Boards of directors at an increasing number of companies have introduced such provisions in corporate bylaws and charters recently in an effort to avoid the pitfalls of multijurisdictional shareholder litigation. The new suits claim that the companies can’t put such rules in place without allowing shareholders to vote on them first.
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