Chancery Awards Fees in Disclosure Only Settlement

In re: Paetec Holding Corp. Shareholders Litigation, C.A. No. 6761-VCG (Del. Ch. Mar. 19, 2013). This Chancery opinion explains why attorneys’ fees were awarded in the amount of $500,000 based on a settlement of a challenge to a merger that resulted … Continue reading

Chancery Addresses Non-Disbursement of Class Action Settlement Funds

In Norberg v. Security Storage Co. of Washington, C.A. No. 12885-VCN (Del. Ch. Nov. 19, 2012), the Court of Chancery addressed the issue of how to deal with funds from a class action settlement–approved many years ago, that have not … Continue reading

Fee Award Discounted Due to Boilerplate Claims

Dias v. Purches, C.A. No. 7199-VCG (Del. Ch. Oct. 1, 2012). Issue Addressed: This case discussed the award of counsel fees in connection with a class action settlement. The court discounted the amount that would otherwise be awarded due to … Continue reading

Dismissal of One Derivative Lawsuit Not Bar to Second Derivative Claim by Second Stockholder

Louisiana Municipal Police Employees’ Retirement Systems v. Pyott, C.A. 5795-VCL (Del. Ch. June 11, 2012). Issues Addressed Whether collateral estoppel, Rule 23.1 or Rule 12(b)(6) apply to require the dismissal of a Delaware derivative suit based on the dismissal in … Continue reading

Chancery Preliminarily Approves Derivative Settlement but Gives Objectors Conditional Option to Proceed with Case

Forsythe v. ESC Fund Management Co. (U.S.), Inc., C.A. No. 1091-VCL (Del. Ch. May 9, 2012). Issue Addressed Whether the settlement of a derivative action that the Court considered fair should be approved despite the objections of the named plaintiffs.  Short … Continue reading

Noteworthy 2011 Corporate and Commercial Decisions from Delaware’s Supreme Court and Court of Chancery

Noteworthy 2011 Corporate and Commercial Decisions from Delaware’s Supreme Court and Court of Chancery. By:  Francis G.X. Pileggi and Kevin F. Brady. Introduction This is the seventh year that we are providing an annual review of key Delaware corporate and … Continue reading

Chancery Determines Framework to Award Attorneys’ Fees Involving Changed Deal Protections

In re Compellent Technologies, Inc. S’holder Litig., Del. Ch., Consol. C.A. No. 6084-VCL (Dec. 9, 2011). This summary was prepared by Jill Agro of Eckert Seamans. Issue Addressed: Despite the length of this fifty-four page opinion, the only issue involved … Continue reading

Federal Court De-certifies Class Action Due to Misconduct of Class Counsel

Creative Montessori Learning Center v. Ashford Gear LLC, No. 11-8020, (7th Cir. Nov. 22, 2011) (Posner, J.) read opinion here.  This decision of the U.S. Court of Appeals for the 7th Circuit finds its place on this blog primarily because … Continue reading

Chancery Court Approves Class Action Settlement Regarding Chicago Board Options Exchange

CME Group Inc. v. Chicago Board Options Exchange, Inc., No. 2369-VCN (Del. Ch., June 3, 2009), read opinion here. Prior Chancery Court opinions in this case were summarized on this blog here.  This action began in order to establish the economic … Continue reading

Supreme Court Affirms Allocation of Settlement Proceeds in Class Action Against Philadelphia Stock Exchange

 Schultz v. Ginsburg and Philadelphia Stock Exchange, (Del. Supr., Feb. 3, 2009), read opinion here. The Delaware Supreme Court affirmed the Chancery Court’s decision in connection with the allocation of  proceeds from a settlement that ended a class action against the Philadelphia Stock … Continue reading