In an interesting October 14, 2011 post-trial opinion,
Delaware Chancellor Leo
Strine entered a $1.263 billion award in the Southern Peru Copper
Corporation Shareholder Derivative Litigation. The lawsuit relates to Southern
Peru's April 2005 acquisition...
According to news
reports , on June 1, 2011, Alpha Natural Resources completed its $7.1
billion acquisition of Massey Energy Company. The deal went forward despite
last minute efforts by groups of Massey shareholders proceeding in West
The Delaware Court of Chancery yesterday denied a Motion
to Dismiss a shareholder's demand for books and records of a company
based on DGCL Section
220. The Court ruled that the issue of whether this action was an attempt
to circumvent the stay...
Ravenswood Investment Company, L.P. v. Winmill,
C.A. No. 3730-VCN (Del. Ch. May 31, 2011).
This case involved a plaintiff who is a significant
stockholder in a holding company managed by the individual defendants, a father...
A wave of litigation followed in the wake of the
April 2010 Deepwater Horizon oil spill. Among this litigation were several
shareholder derivative suits filed against certain directors and officers of BP
and of its U.S. subsidiary. At the time these...
In a detailed May 4, 2015 opinion ( here ), Vice Chancellor Travis Laster of the Delaware Chancery Court extensively reviewed the rights of an insolvent company’s creditors to pursue derivative claims against the company’s directors [ an enhanced...
In what the plaintiffs' lawyers claim to be the largest
derivative lawsuit settlement ever, the parties to the News Corp. shareholder
derivative litigation have agreed to settle the consolidated cases for $139
million. The company also agreed to...
Back in the summer, there was a 'to-do' about the Massey
shareholder litigation. You'll remember that shareholders brought a derivative
suit against the directors for violations of their fiduciary duties in the
running of the company that...
Along with the separate derivative lawsuit filed against Target Corporation’s board, the cyber breach-related derivative action filed against Wyndham Worldwide Corporation’s board has been closely watched as representative of a potential new...
A recent Delaware Supreme Court decision that provides independent directors with a new basis to be dismissed from lawsuits against them, was highlighted in my latest article published in Directorship , the magazine of the National Association of Corporate...
Care of our friends over at Courtroom View Network ,
I've been catching up on the arguments before Vice Chancellor Strine in the
Massey Shareholder Litigation. Plaintiffs were seeking an injunction to
block a merger between Massey Energy (of Upper...
Warren Buffet announced the sudden resignation of his
heir apparent, David Sokol, on March 30, 2011. Berkshire Hathaway shareholders,
fundamental style value investors, law
professors , and the business media have been talking about it ever since....
For all you law students out there who are mystified by
the procedural niceties of derivative litigation (actually, I should include a
pile of politicians and media types in this group as well), AIG has filed a
copy of its demand refusal with the SEC...
NEW YORK - (Mealey's) A federal judge in New York on Apr.
5 granted final approval of a $2.4 billion settlement between shareholders and
Bank of America Corp. (BoA) to settle claims that it and certain of its
executive officers and directors misrepresented...
On May 25, 2011, In the latest example of shareholders
suing a company's board following a negative "say on pay" vote, two union
pension funds filed a shareholders'
derivative action claiming that Umpqua Holdings Corporation's...