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Delaware Supreme Court Denies Attorney Fees Where Firm Worked for Free
The Delaware Supreme Court has reversed the Court of Chancery's decision to award $3 million in attorney fees to plaintiffs counsel in a dispute between a commercial real estate investment fund and a property management company, holding there can be no reimbursement of attorney fees to a plaintiff that incurred no expenses because its lawyers had declined to charge a fee in order to avoid any potential malpractice claim.
Activision Appeal to Focus on Chancery's Authority to Issue TRO
Does the Delaware Court of Chancery have the authority to issue a temporary restraining order if the plaintiff does not ask for one? The Delaware Supreme Court will wrestle with that issue Thursday when it hears arguments on whether the Chancery Court exceeded its authority when it enjoined Activision Blizzard Inc.'s $8.2 billion purchase of the majority of its shares held by Vivendi, a French conglomerate that owns Activision.
Chancery Court Lowers Attorney Fees Upon Remand
The Delaware Court of Chancery has reduced the $3 million in attorney fees and expenses it initially awarded to plaintiffs counsel in a dispute between a commercial real estate investment fund and a property management company to about $743,000. The court revised the award after the Delaware Supreme Court ruled that the plaintiff in the case could not have its attorney fees reimbursed because it incurred no expenses after the lawyers declined to charge a fee in order to avoid any potential malpractice claim.
Challenge to $24 Bil. Dell Buyout Won't Be Expedited
The Delaware Court of Chancery has denied a request by Dell Inc.'s shareholders to expedite their lawsuit challenging a $24.4 billion buyout proposed by company founder Michael Dell. In issuing the decision, the court held that the plaintiffs failed to plead colorable claims of breach of fiduciary duty against the company's board for recommending the buyout and that the stockholders have the option of voting against the offer.
Health Firm's $1.8 Mil. Indemnification Claim Blocked
The Delaware Court of Chancery has blocked a health care network provider from recouping a $1.8 million indemnification for an alleged material breach of contract on the part of a company it had acquired.Chancery Invokes 'Special-Facts' Doctrine in Stock Sale Dispute
A director who possess a special or secret knowledge of a company's future plans or resources has a fiduciary duty to disclose that information in a private stock transaction, the Delaware Court of Chancery has ruled invoking the rarely-used "special facts" doctrine.Directors Can Favor Some Stockholders to Maximize Value
A Delaware corporation's board of directors may favor the interests of one stockholder class over another to maximize a company's value, the Court of Chancery has ruled.Activision Shareholder Files Suit to Halt $8.2 Bil. Split
A shareholder of Activision Blizzard Inc., said to be one of the world's largest video-game publishers, has filed a lawsuit in the Delaware Court of Chancery seeking to block an $8.2 billion deal in which the company would buy back the majority of its shares owned by Vivendi, the French conglomerate that owns Activision. The plaintiff alleged that members of Activision's board would be unjustly enriched by the transaction and he asked the Chancery Court to give the company's public shareholders an opportunity to vote on the deal.
Chancery Court Reversed on Definition of Good Faith
A conclusive presumption of good faith contracted into an oil and gas company's limited partnership agreement cannot preclude a unitholder's lawsuit because the concept of good faith described in the contract is "very different" from the concept found in the implied covenant of good faith and fair dealing, the Delaware Supreme Court has ruled.
Deal Watch: Sutherland, Jones Day help Cumulus go private
WITH THE RADIO industry suffering from a drop in advertising revenue, Atlanta-based radio giant Cumulus Media Inc. this week said it would take itself private. It's pursuing the deal with advice from lawyers at Jones Day and Sutherland Asbill Brennan.Jones Day partner John E. Zamer is leading a group of attorneys in his firm's Atlanta office in advising the investors spearheading the transaction, according to the law firm.Trending Stories
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