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On this episode of the
LexisNexis Corporate & Commercial Insights, Steve Berstler speaks to
Francis G.X. Pileggi, Member-in-Charge, Eckert Seamans Cherin & Mellott,
LLC, Wilmington, DE, about three recent rulings involving shareholder actions.
One ruling addressed claims by a shareholder alleging multiple breaches of
fiduciary duty against the company including the sale of the company's
interest in a subsidiary yielding several million dollars for the three
directors. In a second action shareholders filed for a preliminary injunction
in an attempt to stop the 7 billion dollar Massey Energy merger claiming that
the merger would forestall several pending stockholder claims. The court ruled
that the lawsuits would not be extinguished as a result of the merger. The
third ruling discussed is the SCOTUS decision in Halliburton regarding
proof of loss causation.