06/16/2010 04:42:00 PM EST
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.
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
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.
STEELE, Chief Justice, HOLLAND, BERGER, JACOBS
and RIDGELY, Justices, court en banc.
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