Tag Archives: class action settlement

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 California of a related derivative suit in which a federal court granted a Rule 23.1 … 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 Answer The Court explained that the settlement could still be approved even if the named … 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 commercial decisions. During 2011, we reviewed and summarized approximately 200 decisions from Delaware’s Supreme Court … 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 an associate at Eckert Seamans. Issue Addressed: Despite the length of this fifty-four page opinion, the only issue involved was the proper amount of attorneys’ fees. The Court noted that it has not—to this point—developed … 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 and trading rights of the Board of Trade of the City of Chicago (“CBOT”), now … 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 Exchange. The settlement and the allocation were separately approved by the Chancery Court.  Highlights of five … Continue Reading

Chancery Court Approves Settlement of Class Action Challenging Merger of Wrigley and Mars

In re Wm. Wrigley Jr. Co. Shareholders Litigation , (Del. Ch., Jan. 22, 2009), read opinion here. (Hat tip to Potter Anderson & Corroon  LLP, for their eDelaware case summary, also posted on their website). Instead of providing a conventional summary of the court’s decision, this is one of those cases for which I will just highlight the … Continue Reading