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Publication Date: 2024-02-12
Practice Area: Corporate Governance
Industry: Construction | Real Estate
Court: Court of Chancery
Judge: Vice Chancellor Fioravanti
Attorneys: For plaintiff: Gary E. Junge, Scott E. Chambers, Schmittinger & Rodriguez, P.A., Dover, DE for plaintiff.
for defendant: Donald L. Gouge, Jr., Donald L. Gouge, Jr., LLC, Wilmington, DE for defendants.
Case Number: 2020-0189-PAF
Court found that parties agreed to LLC agreement naming them equal members and co-managers, based on the parties' course of conduct following agreement that was consistent with the material terms of the agreement.
Publication Date: 2024-02-12
Practice Area: Contracts
Industry: Financial Services and Banking
Court: Delaware Supreme Court
Judge: Justice Traynor
Attorneys: For plaintiff: C. Barr Flinn, Paul J. Loughman, Alberto E. Chávez, Skyler A. C. Speed, Young, Conaway, Stargatt & Taylor, LLP, Wilmington, DE; David A. Paul, Virginia J. Cardenas, Sid Nadkarni, Cantor Fitzgerald, New York, NY; Benjamin R. Nagin, Eric G. Hoffman, Sidley Austin LLP, New York, NY; Tacy F. Flint, Frank J. Favia, Jr., Sidley Austin LLP, Chicago, IL for appellant.
for defendant: Blake A. Bennett, Cooch & Taylor P.A., Wilmington, DE; Kyle W. Roche, Kyle Roche P.A., New York, NY; Velvel Freedman, Alex Potter, Freedman Normand Friedland LLP, New York, NY for appellees.
Case Number: 162, 2023
A "forfeiture-for-competition" provision in a partnership agreement did not qualify as a restraint on trade, and thus partners who had negotiated and benefitted from such a term would be held to the terms of their agreement due to the Delaware Revised Uniform Limited Partnership Act's express favor for the enforceability of contracts.
Publication Date: 2024-02-05
Practice Area: Mergers and Acquisitions
Industry: Software
Court: Court of Chancery
Judge: Vice Chancellor Zurn
Attorneys: For plaintiff: Blake Rohrbacher, John D. Hendershot, Sandy Xu, Morgan R. Harrison, Richards, Layton & Finger, P.A., Wilmington, DE; Kira N. Lum, Royer Cooper Cohen Braunfeld LLC, Philadelphia, PA for plaintiffs.
for defendant: Jesse L. Noa, Tyler E. Cragg, Andrew Moshos, Hannah L. Paxton, Potter Anderson & Corroon LLP, Wilmington, DE for defendants.
Case Number: 2023-0327-MTZ
Buyers in corporate acquisition adequately pled fraud claims where acquisition agreement expressly stated that seller had not changed its accounting practices even though seller's owners expressly accelerated the collection of accounts receivable, which made attached financials inaccurate.
Publication Date: 2024-02-05
Practice Area: Corporate Governance
Industry: Investments and Investment Advisory
Court: Court of Chancery
Judge: Vice Chancellor Fioravanti
Attorneys: For plaintiff: Thomas W. Briggs, Jr., Morris Nichols Arsht & Tunnell LLP, Wilmington, DE; Laura D. Smolowe, John M. Gildersleeve, Sara H. Worth, Munger, Tolles & Olson LLP, Los Angeles, CA for plaintiffs.
for defendant: Michael A. Barlow, Quinn, Emanuel, Urquhart & Sullivan, LLP, Wilmington, DE; Steven G. Madison, Joseph Sarles, William Pilon, Quinn, Emanuel, Urquhart & Sullivan, LLP, Los Angeles, CA for defendants.
Case Number: 2022-0415-PAF
Court affirmed arbitration award where defendants failed to present evidence sufficient to show that the arbitral panel's interpretation of the parties' agreements was palpably incorrect.
Publication Date: 2024-02-05
Practice Area: Bankruptcy
Industry: Energy
Court: U.S. Court of Appeals for the Third Circuit
Judge: Judge Porter
Attorneys: For plaintiff: George A. Barton, Barton and Burrows, LLC, Mission, KS for appellants.
for defendant: Duston K. McFaul, Maegan Quejada, Sidley Austin LLP, Houston, TX; Robert S. Velevis, Sidley Austin LLP, Dallas, TX; Robert S. Brady, Edmon L. Morton, Kenneth J. Enos, Joseph M. Mulvihill, Young Conaway Stargatt & Taylor, Wilmington, DE; Ana Alfonso, Willkie Farr & Gallagher, New York, NY; John H. Knight, Amanda R. Steele, Richards Layton & Finger, Wilmington, DE for appellees.
Case Number: 22-1729
Lower courts erroneously dismissed adversary complaint of property owners to recover improperly withheld oil and gas royalties where property owners, not extractor, had an equitable interest in the funds, and thus a constructive trust was an appropriate mechanism for relief.
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Authors: Hal R. Lieberman, J. Richard Supple, Jr., Harvey Prager
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Publication Date: 2024-02-05
Practice Area: Bankruptcy
Industry: Financial Services and Banking
Court: U.S. Court of Appeals for the Third Circuit
Judge: Judge McKee
Attorneys: For plaintiff:
for defendant:
Case Number: 22-3212
Court affirmed dismissal of adversary complaint by creditor where there was no evidence supporting a claim of non-dischargeability of a personal guarantee of a business loan.
Publication Date: 2024-02-05
Practice Area: Corporate Governance
Industry: Investments and Investment Advisory
Court: Court of Chancery
Judge: Vice Chancellor Laster
Attorneys: For plaintiff: Kevin H. Davenport, John G. Day, Jason W. Rigby, Prickett, Jones & Elliot P.A., Wilmington, DE; R. Bruce McNew, Cooch & Taylor P.A., Wilmington, DE; Christopher H. Lyons, Robbins Geller Rudman & Dowd LLP, Wilmington; DE; Randall J. Baron, Rick T. Atwood, Robbins Geller Rudman & Dowd LLP, San Diego, CA; Brett Middleton, Johnson Fistel, LLP, New York, NY for plaintiff.
for defendant: Stephen E. Jenkins, Richard D. Heins, Ashby & Geddes, P.A., Wilmington, DE; Tariq Mundiya, Sameer Advani, Richard Li, M. Annie Houghton-Larsen, Willkie Farr & Gallagher LLP, New York, NY for defendants.
Case Number: 2020-1061-JTL
Court imposed sanctions in the form of a factual presumption on a key issue, which defendants could only rebut with clear and convincing evidence, after defendants admittedly took no action to preserve electronically stored information in response to litigation hold notices.
Publication Date: 2024-01-29
Practice Area: Corporate Entities
Industry: Education
Court: Court of Chancery
Judge: Vice Chancellor Zurn
Attorneys: For plaintiff: Kevin M. Coen, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE for plaintiff.
for defendant: Jeffrey J. Lyons, Baker & Hostetler LLP, Wilmington, DE for defendant.
Case Number: 2023-0813-MTZ
Court declined to enter summary judgment where there was a genuine issue of material fact as to whether plaintiffs had provided valid consent to the elimination/revocation of their vested advancement rights under the companies' operating agreements upon the amendment/restatement of those agreements.
Publication Date: 2024-01-29
Practice Area: Mergers and Acquisitions
Industry: Biotechnology | Investments and Investment Advisory
Court: Court of Chancery
Judge: Vice Chancellor Fioravanti
Attorneys: For plaintiff: C. Barr Flinn, M. Paige Valeski, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Peter J. Walsh, Jr., Michael A. Pittenger, Justin T. Hymes, Potter Anderson & Corroon LLP, Wilmington, DE for plaintiffs.
for defendant: A. Thompson Bayliss, Eric A. Veres, Michael T. Manuel, Abrams & Bayliss LLP, Wilmington, DE for defendants.
Case Number: 2023-1045-PAF
Court struck pleadings based on confidential corporate information where information was supplied by director nominated by stockholder although the stockholder did not have a contractual right to designate the director and the director did not serve as the stockholder's fiduciary on the board.
Publication Date: 2024-01-29
Practice Area: Bankruptcy
Industry: Manufacturing | Pharmaceuticals
Court: U.S. Bankruptcy Court
Judge: Judge Dorsey
Attorneys: For plaintiff:
for defendant:
Case Number: 20-12522 (JTD)
Court rejected invocation of securities safe harbor provision to dismiss fraudulent transfer claims where defendant did not qualify as a financial participant in the transaction as defined by the provision.
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