Highlights & Analysis of Key Decisions from Delaware's Supreme Court & Court of Chancery
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 in additional disclosures prior to the deal closing. This is an excellent overview…
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 yet been fully disbursed.
Brief Overview: The class action settlement in this case was…
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 the majority of boilerplate claims that were added to the single meritorious one.
Brief …
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…
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…
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…
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…
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 it addresses the conduct of class action counsel which is a…
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…