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  • Teamsters Local 237 Additional Sec. Benefit Fund v. Caruso

    Publication Date: 2021-09-15
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Joel Friedlander, Jeffrey M. Gorris, Christopher M. Foulds, Friedlander & Gorris, P.A., Wilmington, DE; Gregory V. Varallo, Bernstein Litowitz Berger & Grossman LLP, Wilmington, DE; Mark Lebovitch, Jeroen van Kwawegen, Andrew E. Blumberg, Bernstein Litowitz Berger & Grossman LLP, New York, NY; Randall J. Baron, David Wissbroecker, Robbins Geller Rudman & Dowd LLP, San Diego, CA; Christopher H. Lyons, Robbins Geller Rudman & Dowd LLP, Nashville, TN for plaintiffs.
    for defendant: Edward B. Micheletti, Cliff C. Gardner, Veronica B. Bartholomew, Gregory P. Ranzini, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE for defendant.
    Case Number: D69536

    Claim of breach of fiduciary duty by CEO with conflict of interest in merger transaction failed where there was no allegation that the independent board was unreasonable in its oversight activities during the negotiation process or that CEO acted to undermine the board's authority.

  • In re Dissolution of Jeffco Mgmt., LLC

    Publication Date: 2021-09-01
    Practice Area: Corporate Entities
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Jason C. Powell, The Powell Firm, LLC, Wilmington, DE, receiver for Jeffco Management, LLC. S. Michael Sirkin Ross Aronstam & Moritz LLP, Wilmington, DE for petitioner.
    for defendant: John G. Harris, Berger Harris LLP, Wilmington, DE; James Nealon, Withers Bergman LLP, New York, NY for respondent.
    Case Number: D69524

    The court granted the receiver's motion to approve an in-kind distribution of the assets of a limited liability company to one of the members, and it ordered the other member to pay attorney fees.

  • Stone & Paper Investors, LLC v. Blanch

    Publication Date: 2021-08-18
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Richard I.G. Jones, Jr., David B. Anthony, Berger Harris LLP, Wilmington, DE; David Lackowitz, Zaid Shukri, Moses & Singer LLP, New York, NY for plaintiff.
    for defendant: Catherine Damavandi, Nurick Law Group, Wilmington, DE; John A. Elzufon, Elzufon Austin & Mondell, P.A., Wilmington, DE for defendants.
    Case Number: D69509

    Managers of a limited liability company breached their fiduciary duties and fraudulently concealed their wrongdoing.

  • Feldman v. AS Roma SPV GP

    Publication Date: 2021-08-04
    Practice Area: Corporate Governance
    Industry: Entertainment and Leisure | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Peter B. Ladig, Brett M. McCartney, Sarah T. Andrade, Bayard, P.A., Wilmington, DE; Rishi Bhandari, Mandel Bhandari LLP, New York, NY for plaintiffs.
    for defendant: John L. Reed, Ronald N. Brown, III, Peter H. Kyle, DLA Piper LLP (US), Wilmington, DE for defendants.
    Case Number: D69487

    Minority shareholders in LLC failed to state a claim for inadequate disclosures where LLC control group was not obligated to provide, as part of a capital call for the LLC, a prediction of the likelihood of a sale of the company by a certain date.

  • Berteau v. Glazek

    Publication Date: 2021-07-21
    Practice Area: Mergers and Acquisitions
    Industry: Consumer Products | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Neal C. Belgam, Robert K. Beste, Michael C. Wagner, Smith, Katzenstein & Jenkins LLP, Wilmington, DE; Peter B. Andrews, Craig Springer, Andrews & Springer LLC, Wilmington, DE; Jeremy Friedman, David Tejtel, Friedman, Oster & Tejtel, LLP, New York, NY for plaintiff.
    for defendant: John M. Seaman, Matthew L. Miller, Christopher F. Cannataro, Abrams & Bayliss LLP, Wilmington, DE; David A. Dorey, Brandon W. McCune, Blank Rome LLP, Wilmington, DE; Barry H. Genkin, Blank Rome LLP, Philadelphia, PA; Blake Rohrbacher, Christian C.F. Roberts, Richards, Layton & Finger, P.A., Wilmington, DE for defendants.
    Case Number: D69470

    Stockholder plausibly challenged merger transaction under entire fairness review where controller of both parties to merger received greater value from the transaction, a benefit not shared with the minority stockholders.

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    Texas Personal Automobile Insurance Policy 2020

    Authors: Janet K. Colaneri, Bret Weatherford

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  • Simple Global, Inc. v. Banasik

    Publication Date: 2021-07-14
    Practice Area: Corporate Entities
    Industry: Cargo and Shipping | E-Commerce
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Thomas G. Macauley, Macauley LLC, Wilmington, DE for plaintiff.
    for defendant: Peter K. Schaeffer, Jr., Avenue Law, Dover, DE for defendant.
    Case Number: D69466

    A former director waited too long to challenge his removal, and the court concluded that the remaining shareholders had authority to remove him from his role as a director.

  • Gross v. Biogen Inc.

    Publication Date: 2021-04-28
    Practice Area: Corporate Entities
    Industry: Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Kurt M. Heyman, Gillian L. Andrews, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; Gustavo F. Bruckner, Daryoush Behbood, Pomerantz LLP, New York, NY for plaintiff.
    for defendant: Kevin G. Abrams, J. Peter Shindel, Jr., Eliezer Y. Feinstein, Abrams & Bayliss LLP, Wilmington, DE for de-fendant.
    Case Number: D69378

    Shareholder demonstrated a proper purpose for his books and records request, but the court limited the scope of the inspection to formal materials considered by the board.

  • Giesecke+Devrient Mobile Security Am., Inc. v. NXT-ID, Inc.

    Publication Date: 2021-03-31
    Practice Area: Corporate Entities
    Industry: Financial Services and Banking
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Lewis H. Lazarus, K. Tyler O’Connell, Bryan Townsend, Morris James LLP, Wilmington, DE; Aryeh S. Portnoy, Emily Alban, Crowell & Moring LLP, Washington, DC for plaintiff.
    for defendant: S. Mark Hurd, Alexandra M. Cummings, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Michael T. Sullivan, David E. Danovitch, Clark A. Freeman, Sullivan & Worcester LLP, New York, NY for defendant.
    Case Number: D69345

    The plain language of a contract provided that a holder of preferred stock was entitled to dividends at a higher rate in perpetuity.

  • Golden Rule Fin. Corp. v. Shareholder Representative Serv. LLC

    Publication Date: 2021-02-17
    Practice Area: Mergers and Acquisitions
    Industry: Financial Services and Banking | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Michael Maimone, Faegre Drinker Biddle & Reath LLP, Wilmington, DE; Randall E. Kahnke, Peter C. Mag-nuson, Faegre Drinker Biddle & Reath LLP, Minneapolis, MN for plaintiff.
    for defendant: David E. Ross, Elizabeth M. Taylor, Ross Aronstam & Moritz LLP, Wilmington, DE; Erin C. Johnston, P.C.; McClain Thompson, Mariel A. Brookins, Kirkland & Ellis LLP, New York, NY for defendant.
    Case Number: D69297

    In this post-merger dispute, the court granted the seller's motion for dismissal of plaintiff's complaint be-cause the merger agreement specifically identified the accounting principles applicable to the post-closing price adjustment.

  • Lenois v. Lawal

    Publication Date: 2021-01-27
    Practice Area: Corporate Entities
    Industry: Energy
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Michael J. Barry, Rebecca Musarra, Grant & Eisenhofer, P.A., Wilmington, DE; Gordon Z. Novod, Grant & Eisenhofer, P.A., New York, NY; Peter B. Andrews, Craig J. Springer, Jessica Zeldin, David M. Sborz, Andrews & Springer LLC, Wilmington, DE; Jeremy Friedman, Spencer Oster, David Tejtel, Friedman Oster & Tejtel PLLC, New York, NY for plaintiff.
    for defendant: Myron T. Steele, Matthew F. Davis, Jaclyn C. Levy, Potter, Anderson & Corroon LLP, Wilmington, DE; David T. Moran, Christopher R. Bankler, Jackson Walker L.L.P., Dallas, TX; David J. Teklits, Kevin M. Coen, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Mark Oakes and Ryan Meltzer, Norton Rose Fulbright US LLP, Austin, TX; John Byron, Norton Rose Fulbright US LLP, Houston, TX; Srinivas M. Raju, Robert L. Burns, Matthew D. Perri, Richards, Layton & Finger, P.A., Wilmington, DE; Greg Waller, Hunton Andrews Kurth L.L.P., Houston, TX for defendants.
    Case Number: D69272

    Bankruptcy trustee could not substitute for derivative plaintiff and assert claims subject to final judgment on behalf of the company where the "newly discovered evidence" in support of relief from judgment was in the company's possession and therefore knowledge of the evidence would be imputed to the trustee.