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Conte v. Greenberg
Publication Date: 2024-02-19
Practice Area: Corporate Governance
Industry: Consumer Products | Manufacturing
Court: Court of Chancery
Judge: Vice Chancellor Zurn
Attorneys:
For plaintiff: Thomas A. Uebler, Terisa A. Shoremoun, McCollom D’Emilio Smith Uebler LLC, Wilmington, DE; Melinda A. Nicholson, Nicolas Kravitz, Kahn Swick & Foti, LLC, New Orleans, LA; Roger A. Sachar, Newman Ferrara LLP, New York, NY; Domenico Minerva, Labaton Sucharow LLP, New York, NY for plaintiff.
For defendant: A. Thompson Bayliss, E. Wade Houston, Eliezer Y. Feinstein, Daniel G. Paterno, Abrams & Bayliss LLP, Wilmington, DE; Brad D. Brian, John M. Gildersleeve, Abraham B. Dyk, Munger, Tolles & Olson LLP, Los Angeles, CA; Kenneth J. Nachbar, Susan W. Waesco, Miranda N. Gilbert, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Abby F. Rudzin, O’Melveny & Myers LLP, New York, NY; Matthew F. Davis, Tyler J. Leavengood, Potter Anderson & Corroon LLP, Wilmington, DE; Kenneth A. O’Brien, Jr., Sheppard Mullin Richter & Hampton LLP, Los Angeles, CA for defendants.
Case number: 2022-0633-MTZ MEMORANDUM OPINION

Plaintiff failed to plead demand futility due to the lack of directors' personal liability for oversight and corporate waste claims, as the failure to implement a formal policy governing executives' personal use of corporate aircraft did not, by itself, amount to bad faith, and any financial loss from personal use constituted a fraction of a percentage of the company's expenses and profits.

January 24, 2024 | National Law Journal

This 7th Circuit Appeal Could Be a Big Deal for the Future of Mass Arbitration

Electronics giant Samsung is challenging a lower court order that it pay more than $4 million in arbitration initiation fees.
7 minute read
January 23, 2024 | New York Law Journal

Estée Lauder Hit With New Securities Class Action Over Asia Inventory

The plaintiff alleged the beauty giant failed to disclose the extent of the company's reliance on resellers in the Asian market.
4 minute read
In re Fox Corp. Derivative Litig.
Publication Date: 2024-01-08
Practice Area: Corporate Governance
Industry: Investments and Investment Advisory | Legal Services | Technology Media and Telecom
Court: Court of Chancery
Judge: Vice Chancellor Laster
Attorneys:
For plaintiff: Joel Friedlander, Jeffrey M. Gorris, Christopher M. Foulds, Friedlander & Gorris, P.A., Wilmington, DE; Julie Goldsmith Reiser, Molly J. Bowen, Brendan Schneiderman, Cohen Milstein Sellers & Toll PLLC, Washington, DC; Katherine Lubin Benson, Lieff Cabraser Heimann & Bernstein, LLP, San Francisco, CA; Nicholas Diamond, Gabriel A. Panek, Lieff Cabraser Heimann & Bernstein, LLP, New York, NY; Ellen Rosenblum, Attorney General, Brian A. de Haan, Senior Assistant Attorney General, Oregon Department of Justice, Portland, OR; Andrew E. Blumberg, Daniel E. Meyer, Bernstein Litowitz Berger & Grossman LLP, Wilmington, DE; Ned Weinberger, Labaton Sucharow LLP, Wilmington, DE; Christopher H. Lyons, Tayler D. Bolton, Robbins Geller Rudman & Dowd LLP, Wilmington, DE; Randall J. Baron, David A. Knotts, Robbins Geller Rudman & Dowd LLP, San Diego, CA; Lee Rudy, Eric L. Zagar, Geoffrey C. Jarvis, Kessler Topaz Meltzer & Check, LLP, Radnor, PA; Jeremy Friedman, David Tejtel, Friedman Oster & Tejtel PLLC, Bedford Hills, NY for plaintiffs.
For defendant:
Case number: 2023-0418-JTL

Court granted the application of a plaintiff team to lead a consolidated derivative action where counsel had organized the stronger litigation team and the selected plaintiffs consistent of public agencies/officials with extensive financial experience.

Teamsters Local 443 Health Serv. & Ins. Plan v. Chou
Publication Date: 2023-12-04
Practice Area: Corporate Governance
Industry: Investments and Investment Advisory | Pharmaceuticals
Court: Court of Chancery
Judge: Vice Chancellor Glasscock
Attorneys:
For plaintiff: Gregory V. Varallo, Glenn R. McGillivray, Bernstein Litowitz Berger & Grossmann LLP, Wilmington, DE; Ned Weinberger, Mark D. Richardson, Labaton Sucharow LLP, Wilmington, DE; Christine M. Mackintosh, Rebecca A. Musarra, Grant & Eisenhofer P.A., Wilmington, DE; Christopher J. Orrico, Bernstein Litowitz Berger & Grossmann LLP, New York, NY; Frank Schirripa, Hach Rose Schirripa & Cheverie LLP, New York, NY; Nathaniel L. Orenstein, Steven L. Groopman, Berman Tabacco, Boston, MA for plaintiffs.
For defendant: William M. Lafferty, D. McKinley Measley, Thomas P. Will, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; F. Joseph Warin, Jonathan M. Phillips, Courtney M. Brown, Gibson, Dunn & Crutcher LLP, Washington, DC for defendant.
Case number: 2019-0816-SG

Court dismissed derivative complaint where single-member special litigation committee conducted adequate review of the worthiness of the litigation and its conclusions were sufficiently supported by evidence, and there was an insufficient basis to question the single member's independence from other board members potentially facing liability.

In re Straight Path Commc'ns Inc. Consol. Stockholder Litig.
Publication Date: 2023-10-16
Practice Area: Corporate Governance
Industry: Technology Media and Telecom
Court: Court of Chancery
Judge: Vice Chancellor Glasscock
Attorneys:
For plaintiff: Ned Weinberger, Mark Richardson, Labaton Sucharow LLP, Wilmington, DE; Jeroen van Kwawegen, Edward G. Timlin, Eric J. Riedel, Bernstein Litowitz Berger & Grossmann LLP, New York, NY for plaintiff.
For defendant: Rudolf Koch, Kevin M. Gallagher, Daniel E. Kaprow, John M. O’Toole, Richards, Layton & Finger, P.A., Wilmington, DE; Thomas Uebler, McCollom D’Emilio Smith Uebler LLC, Wilmington, DE; Jason Cyrulnik, Paul Fattaruso, Matthew Henken, Cyrulnik Fattaruso LLP, New York, NY for defendants.
Case number: 2017-0486-SG

Although controlling stockholder breached fiduciary duties by using his position to cause company to release an indemnification claim, the minority stockholders were only entitled to nominal damages due to significant obstacles to enforcing the claim which resulted in the release consideration being worth more than the company likely would have recovered attempting to enforce the claim.

October 03, 2023 | New York Law Journal

'An Outstanding Litigator': Labaton Sucharow Partner Credits Upbringing in Immigrant Family For Giving Her Drive For Success

Carol C. Villegas said she finds her work as a litigation partner in the New York office of Labaton Sucharow personally satisfying, since she often…
7 minute read
October 02, 2023 | New York Law Journal

Rising Star: Jake Bissell-Linsk

Jake Bissell-Linsk is a partner in the New York office of Labaton Sucharow. He focuses his practice on securities fraud class actions.
2 minute read
Arkansas Teacher Ret. Sys. v. Goldman Sachs Group Inc.
Publication Date: 2023-08-23
Practice Area: Class Actions
Industry:
Court: U.S. Court of Appeals for the Second Circuit
Judge: Circuit Judge Richard C. Wesley
Attorneys:
For plaintiff: For Plaintiffs-Appellees: Kevin K. Russell, Goldstein & Russell, P.C., Bethesda, MD; Spencer A. Burkholz, Joseph D. Daley, Robbins Geller Rudman & Dowd LLP, San Diego, CA; Thomas A. Dubbs, James W. Johnson, Michael H. Rogers, Irina Vasilchenko, Labaton Sucharow LLP, New York, NY, on the brief, Thomas C. Goldstein, Goldstein & Russell, P.C., Bethesda, MD. For Defendants-Appellants: Richard H. Klapper, David M.J. Rein, Benjamin R. Walker, Julia A. Malkina, Jacob E. Cohen, Sullivan & Cromwell LLP, New York, NY; Morgan L. Ratner, Sullivan & Cromwell LLP, Washington, D.C., on the brief, Robert J. Giuffra, Jr., Sullivan & Cromwell LLP, New York, NY. For Defendants-Appellants: Audra J. Soloway, Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY, on the brief, Kannon K. Shanmugam, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Washington D.C. For Amicus Curiae Former United States Securities and Exchange Commission Officials and Law Professors in Support of Defendants-Appellants: Todd G. Cosenza, Willkie Farr & Gallagher LLP, New York, NY.
For defendant: For Amicus Curiae Economic Scholars in Support of Defendants-Appellants: Victor L. Hou, Jared Gerber, on the brief, Carmine D. Boccuzzi, Jr., Cleary Gottlieb Steen & Hamilton LLP, New York, NY. For Amicus Curiae Securities Industry and Financial Markets Association, Bank Policy Institute, American Bankers Association, Chamber of Commerce of the United States of America, American Property Casualty Insurance Association in Support of Defendants-Appellants: Craig S. Waldman, Joshua C. Polster, Daniel H. Owsley, Simpson Thacher & Bartlett LLP, New York, NY; Ira D. Hammerman, Kevin Carroll, Securities Industry and Financial Markets Association, Washington, D.C.; Thomas Pinder, American Bankers Association, Washington, D.C.; Gregg Rozansky, Bank Policy Institute, Washington, D.C.; Tyler S. Badgley, U.S. Chamber Litigation Center, Washington, D.C.; Kenneth Stoller, American Property Casualty Insurance Association, Washington, D.C., on the brief, Jonathan K. Youngwood, Simpson Thacher & Bartlett LLP, New York, NY. For Amicus Curiae Society for Corporate Governance in Support of Defendants-Appellants: Jeremy C. Marwell, James T. Dawson, Vinson & Elkins LLP, Washington, D.C.; Darla C. Stuckey, Randi V. Morrison, Society for Corporate Governance, New York, NY, on the brief, Christopher E. Duffy, Vinson & Elkins LLP, New York, NY. For Amicus Curiae Washington Legal Foundation in Support of Defendants-Appellants: George Anhang, Shearman & Sterling LLP, Washington, D.C.; William Marsh, Shearman & Sterling LLP, Dallas, TX; Cory L. Andrews, John M. Masslon II, Washington Legal Foundation, Washington, D.C., on the brief, Lyle Roberts, Shearman & Sterling LLP, Washington, D.C. For Amicus Curiae Financial Economists in Support of Plaintiffs-Appellees: Jeremy Lieberman, Emma Gilmore, Pomerantz LLP, New York, NY; Andrew L. Zivitz, Kessler Topaz Meltzer & Check, LLP, Radnor, PA; Stacey M. Kaplan, Kessler Topaz Meltzer & Check, LLP, San Fransisco, CA, on the brief, Ernest A. Young, Apex, NC. For Amicus Curiae Securities Law Scholars in Support of Plaintiffs-Appellees: Linnet R. Davis-Stermitz, Gupta Wessler PLLC, Washington, D.C.; Salvatore J. Graziano, Jai K. Chandrasekhar, Bernstein Litowitz Berger & Grossmann LLP, New York, NY; Joseph E. White, III, Saxena White P.A., Boca Raton, FL, on the brief, Deepak Gupta, Gupta Wessler PLLC, Washington, D.C. For Amicus Curiae Better Markets, Inc. in Support of Plaintiffs-Appellees: John Paul Schnapper-Casteras, Schnapper-Casteras PLLC, Washington, D.C. For Amicus Curiae Former SEC Officials in Support of Plaintiffs-Appellees: John Paul Schnapper-Casteras, Schnapper-Casteras PLLC, Washington, D.C.; Daniel P. Chiplock, Lieff Cabraser Heimann & Bernstein, LLP, New York, NY, on the brief, Carolyn E. Shapiro, Schnapper-Casteras PLLC, Washington, D.C.
Case number: 22-484

Misrepresentations Did Not Impact Stock Price; Shareholder Class Decertified

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