Tag Archives: loyalty

Court of Chancery Grants Summary Judgment Against Former Deloitte Partner’s Claim

In Klig v. Deloitte LLP, et al., C.A. No. 4993–VCL (Del. Ch. Nov. 21, 2011), read opinion here, the Court of Chancery granted summary judgment against the plaintiff, Steven Klig, a former tax partner at Deloitte who brought an action for, among other things, wrongful dissociation from the defendants’ partnerships and breach of the partnership … Continue Reading

Chancery Denies Motion to Dismiss Claims Alleging Breach of Duty of Loyalty against Directors in Sale of Company

New Jersey Carpenters Pension Fund v. infoGROUP, Inc., C.A. No. 5334-VCN (Del. Ch. Sept. 30, 2011), read initial opinion here and revised opinion here Issue Addressed Whether directors breached their duty of loyalty in connection with the sale of a company based on their domination and/or intimidation by the largest shareholder.  Background This case involved the … Continue Reading

Chancery Court Allows Claims To Proceed Against Greenberg, Other AIG Directors

American International Group, Inc., Consolidated Derivative Litigation; AIG, Inc. v. Greenberg, et al., 2009 Del. Ch. LEXIS 15 (Feb. 10, 2009)("AIG I") 965 A.2d 763 (Del. Ch. 2009), read opinion here. This Chancery Court decision denied a Motion to Dismiss breach of fiduciary duty claims against former AIG Chairman Maurice "Hank" Greenberg and other AIG directors in connection … Continue Reading

Chancery Court Dismisses Claims Against Board of Lear Corp. for Payment of Termination Fee to Bidder Led by Carl Icahn

In Re Lear Corp. Shareholder Litigation, 2008 WL 4053221 (Del. Ch., Sept. 2, 2008), read opinion here. This is the third Chancery Court decision in about as many (business) days that addresses the issue of whether: claims against a board of directors will be dismissed based on the exculpation clause in a corporate charter as authorized by DGCL Section 102(b)(7). The … Continue Reading