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Turns out Vice-Chancellor Laster, who last month blocked a shareholder vote on Del Monte's LBO because of its financial adviser's conflict of interest, isn't the only Delaware jurist siding with shareholders. Vice-Chancellor Noble on Friday called a temporary halt to a shareholder vote on Qualcomm's acquisition of Atheros. And once again, the financial adviser's fee is at issue.
Making a Nuisance of Lead Paint
Three decades after lead-based paint was banned as a public health hazard, New Jersey cities and towns want it declared a public nuisance. The state Supreme Court is poised to decide the issue and the case has the rapt attention of the paint industry, which fears adoption of the doctrine in New Jersey would ease the way for recoveries across the nation.Kirby McInerney and shareholder activist Ted Frank continue to fight over the rate for contract attorneys who worked on on a securities class action against Citigroup. Kirby McInerney submitted a fee request for the suit's settlement that values the attorneys' time at up to $1,000 per hour; Frank says it should be around $50.
Homebuilder Beazer Faces Barrage of Suits for 'Reckless Tactics'
A Texas-based commercial lender has sued home building company Beazer Homes USA Inc., its board, and current and former executives, claiming that their "reckless tactics" have resulted in multiple federal investigations. The shareholder derivative suit claims that Beazer arranged mortgages through its lending arm for unqualified buyers, leading to numerous foreclosures that have undermined Beazer's financial stability. The federal case is one of seven brought by Beazer shareholders and employees.In re Merck & Co. Inc. Securities Derivative and ERISA Litigation
The District Court erred in finding that appellants were put on inquiry notice of Merck's alleged securities fraud in connection with Vioxx before Oct. 9, 2001.A bench trial begins on Monday in San Jose in a suit that accuses five major corporations of creating a public nuisance by manufacturing and promoting lead-based paint despite knowledge it was harmful. Ten cities and counties in California are demanding nearly $1 billion in cleanup costs.
When the American Tort Reform Association declares that it has "very good news" about a court it loves to loathe, it's sure to be bad news for the plaintiffs bar. Plaintiffs lawyers told us it's too early to gauge exactly how new changes will affect the mass torts docket at Philadelphia Court of Common Pleas, but judges in New Jersey, New York, and Boston may want to clear some extra space on their calendars.
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