Recently filed derivative suits now proceeding in both Delaware and Texas which challenge the $21 billion merger involving El Paso and Kinder Morgan again raise the issue of merger litigation involving Delaware companies being filed outside Delaware. Alison Frankel of Thomson Reuters writes here about whether the suits will proceed in Delaware or Texas or
class action
Chancery Rejects Breach of Fiduciary Duty Arguments in Merger Challenge
By Francis Pileggi on
Posted in Court of Chancery Updates
In re Alloy, Inc. Shareholders Litigation, C.A. No. 5626-VCP (Del. Ch. Oct. 13, 2011). Read this Delaware Court of Chancery opinion here.
Issue Addressed: Did the directors breach their fiduciary duties in connection with voting on a merger in light of benefits they received that were not enjoyed by all shareholders and in light…
Court of Chancery Explains Policy Reasons For Selection of Lead Counsel in Class Action; Rejects Motion to Reconsider
By Francis Pileggi on
Posted in Court of Chancery Updates
Dutiel v. Tween Brands, Inc., No. 4743-CC and No. 484-CC (Oct. 28, 2009), read letter decision here. Read prior Chancery Court decision in this case highlighted on this blog here. In this most recent ruling, the Chancellor denied a motion for reconsideration of the Court’s selection of lead counsel in a consolidated class action.
Overview
This letter…
Chancery Court Compensates Lead Plaintiff in Class Action Against Boston University
By Francis Pileggi on
Posted in Court of Chancery Updates
Oliver v. Boston University, No. 16570-VCN (Del. Ch., May 29, 2009), read letter decision here. Prior opinions in this case by the Chancery Court were summarized here on this blog. This latest decision addresses a few open issues after the approval of a class action settlement.
Issues Addressed and Decided
- Award to Lead Plaintiff.
…
Chancery Court Splits Fees in Cablevision Class Action Between Lawyers for Related New York Suit and Delaware Counsel
By Francis Pileggi on
Posted in Court of Chancery Updates
In Re Cablevision/Rainbow Media Group Tracking Stock Litigation, No. 19819-VCN (May 22, 2009), read opinion here.
This Chancery Court decision resolved a dispute regarding the amount of fees and the division of fees between class counsel in a Delaware shareholders’ suit that challenged the exchange by Cablevision Systems Corporation of its then-outstanding tracking stock and certain assets of its…
Chancery Court Denies Fee Application Again on Remand; Finds Presumption Rebutted that Fee Petitioner Was Cause of Increase in Tender Price
By Francis Pileggi on
Posted in Court of Chancery Updates
In re William Lyon Homes Shareholder Litigation Consolidated, C.A. No. 2015-VCN (April2, 2009), read letter decision here. See prior Delaware decisions in this case here and here.
Kevin Brady, a highly respected Delaware litigator, provides us with this case summary.
On April 2, 2009, Vice Chancellor Noble denied for the second time a fee application…
Chancery Approves Class Action Settlement of Claims Of Inadequate Disclosure in Tender Offer
By Francis Pileggi on
Posted in Court of Chancery Updates
MARIE RAYMOND REVOCABLE TRUST v. MAT FIVE LLC, (Del. Ch., Dec. 19, 2008), read opinion here. The Chancery Court in this 39-page decision approved a class action settlement regarding claims of inadequate disclosure in a tender offer. Included in the opinion is the court’s exercise of its own business judgment in connection with approving…