In the case of In re Coca-Cola Enterprises, Inc. Shareholder Litigation, 2007 WL 3122370 (Del. Ch., Oct. 17, 2007), read opinion here, the Chancery Court’s opening lines in its decision are destined to be cited often (and from whence the title of this post is borrowed). Here is how the court began the opinion:
"While there may never be a decisive victory in the Great American Cola Wars, [FN1] the plaintiffs in this action seem to think they got the wrong stock, baby-uh huh. [FN2]"
Here are the supporting footnotes:
FN1. See Pepsico, Inc. v. The Coca-Cola Co., 114 F.Supp.2d 243, 245 (S.D.N.Y.2000) (noting the fabled marketing battle between Coke and Pepsi).
FN2. Cf. The Pepsi Legacy 1990, http://www.pepsi.com/adsandhistory/legacy/1990/1990.php (last visited Oct. 17, 2007) (recalling the Diet Pepsi Commercial featuring Ray Charles and the "Uh Huh Girls" singing "You’ve Got the Right One, Baby").
The legal issues in the case are less entertaining. The court dismissed fiduciary claims based on a statute of limitations defense and refused to apply equitable tolling to a dispute related to a 20-year old relationship. In the process, the court also analyzed and rejected a claim based on an alleged breach of the duty of loyalty. The plaintiffs’ complaint included many comparisons between the profitability of Pepsi versus Coca-Cola.
UPDATE: The Wall Street Journal Law Blog posted about it here.