The Delaware Supreme Court has denied Grupo Mexico’s motion to reargue the court’s decision to affirm a Delaware Court of Chancery ruling that resulted in awarding a record $2 billion in damages and $304 million in attorney fees in the Southern Peru shareholder litigation. Although the reargument motion was ultimately futile, some Delaware legal analysts say that motion included a stronger legal argument than what was originally presented before the high court.
An en banc court, which included Delaware Superior Court President Judge James T. Vaughn Jr., who sat by designation in place of Justice Jack B. Jacobs, issued the 114-page opinion last Friday in Americas Mining v. Theriault. When the case appeared before Chancery Court Chancellor Leo E. Strine Jr., it was captioned In re Southern Peru Copper Corp. Shareholder Derivative Litigation.
