Ark. Teacher Ret. Sys. v. Caiafa, 2010 Del. LEXIS 230 (Del. May 21, 2010)

LexisNexis Overview: As a vice chancellor of a court of chancery determined that a former stockholder's derivative suit claims were worthless and added no conceivable value to a merger, his approval of a settlement that allowed a corporation to be acquired in the merger was not an abuse of discretion.

Counsel: Stuart M. Grant, Jay W. Eisenhofer, Michael J. Barry and Diane Zilka of Grant & Eisenhofer P.A., Wilmington, Delaware. Of Counsel: Blair A. Nicholas, Niki L. Mendoza, David A. Thorpe  and Jon F. Worm  of Bernstein Litowitz Berger & Grossman LLP, San Diego, California; Lester L. Levy  Carl L. Stine  and Robert Plosky, Wolf Popper LLP, New York, NY attorneys for appellants.

Pamela S. Tikellis, Robert J. Kriner, Jr.  and Scott M. Tucker  of Chimicles & Tikellis LLP, Wilmington, Delaware. Of Counsel: Steven J. Toll  and Julie Goldsmith Reiser  of Cohen Milstein Sellers & Toll PLLC; Jeffrey W. Golan  and William J. Ban of Barrack, Rodos & Bacine, Philadelphia, Pennsylvania attorneys for appellees Anthony Caiafa and Ming Fang Li.

Thomas A. Beck, Richard P. Rollo  and Scott W. Perkins  of Richards, Layton & Finger, P.A., Wilmington, Delaware. Of Counsel: Eric M. Roth, Stephen R. DiPrima, Martin J.E. Arms  and Graham W. Meli  of Wachtell, Lipton, Rosen & Katz, New York, NY attorneys for appellees Countrywide.

Judge: Before STEELE, Chief Justice, HOLLAND, BERGER, JACOBS  and RIDGELY, Justices, court en banc.

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