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Delaware Does Not Impose Fiduciary Duty, Per Se, to Minimize Corporate Taxes

Seinfeld v. Slager , C.A. No. 6462-VCG (Del. Ch. June 29, 2012). Issues Presented (1) Whether board approval of a supplemental retirement bonus was a breach of fiduciary duty to the extent that it constituted waste and did not qualify for a tax deduction; and (2) Whether a stock option plan for...

Chancery Awards $3.2 million in Attorneys' Fees in Contract Dispute

ASB Allegiance Real Estate Fund v. Scion Breckenridge Managing Member LLC , C.A. No. 5843-VCL (Del. Ch. July 9, 2012). In this opinion the Court of Chancery awarded attorneys' fees, based on a fee-shifting provision of the LLC agreement, of more than $3.2 million. The recent Chancery decision on...