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Publication Date: 2024-02-26
Practice Area: Corporate Governance
Industry: Financial Services and Banking | Investments and Investment Advisory
Court: Court of Chancery
Judge: Vice Chancellor Laster
Attorneys: For plaintiff: Thomas Curry, Taylor D. Bolton, Saxena White P.A, Wilmington, DE; David Wales, Saxena White P.A., White Plains, NY; Adam Warden, Saxena White P.A; Boca Raton, FL for plaintiff.
for defendant: John P. DiTomo, Miranda N. Gilbert, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; William Savitt, Anitha Reddy, Getzel Berger, Emma S. Stein, Wachtell, Lipton, Rosen & Katz, New York, NY for defendant.
Case Number: 2023-0309-JTL
Court denied summary judgment dismissal of complaint challenging legality of stockholders' agreement provisions on grounds of laches and ripeness, where equitable defenses could not validate a void contractual provision and where stockholder could launch a facial attack against challenged provisions without having to wait for company controllers to breach fiduciary duties.
Publication Date: 2024-02-26
Practice Area: Mergers and Acquisitions
Industry: Consulting | Manufacturing | Retail
Court: Delaware Superior Court
Judge: Judge Wallace
Attorneys: For plaintiff: Christopher P. Simon, David G. Holmes, Cross & Simon, LLC, Wilmington, DE; Jed M. Schwartz, Christopher Almon, Michael T. Frieda, Milbank LLP, New York, NY for plaintiffs.
for defendant: Steven T. Margolin, Bryan T. Reed, Greenberg Traurig, LLP, Wilmington, DE for defendants.
Case Number: N21C-12-077
Conspiracy and aiding and abetting fraud claims against corporate officers failed where there were no allegations that officers acted out of some personal motivation rather than in their officer roles, precluding an exception to the rule that a corporation cannot conspire with its officers.
Publication Date: 2024-02-26
Practice Area: Contractual Disputes
Industry: Accounting | Consulting | Technology Media and Telecom
Court: Delaware Superior Court
Judge: Judge Adams
Attorneys: For plaintiff: John M. LaRosa, LaRosa & Associates LLC, Wilmington, DE; Lawrence P. Schaefer, Bert Black, Mack H. Reed, Timothy S. Christensen, Anne C. Bolgert, Schaeffer Halleeen, LLC, Minneapolis, MN for plaintiff.
for defendant: Peter H. Kyle, John L. Reed, Daniel P. Klusman, DLA Piper, LLP, Wilmington, DE for defendant.
Case Number: N20C-08-249 MAA CCLD
Court denied parties' cross-motions for summary judgment where finding cause for termination was a condition precedent to employer's option to repurchase employee's equity at original cost and where there were genuine issues of material fact as to whether cause existed.
Publication Date: 2024-02-26
Practice Area: Insurance Law
Industry: Insurance | Pharmaceuticals
Court: Delaware Superior Court
Judge: Judge Wallace
Attorneys: For plaintiff: Daniel M. Silver, Benjamin A. Smith, McCarter & English, LLP, Wilmington, DE; Robin L. Cohen, Cynthia M. Jordano, David J. Matulewicz-Crowley, Cohen Ziffer Frenchman & McKenna LLP, New York, NY for plaintiff.
for defendant: Marc S. Casarino, Kennedys CMK LLP, Wilmington, DE; Jeanette L. Dixon, Manning & Kass, Ellrod, Ramriez, Trester LLP, New York, NY; John C. Phillips, Jr., David A. Bilson, Phillips McLaughlin & Hall, Wilmington, DE; James Sandnes, Sarah F. Voytryas, Skarzynski Marick & Black, LLP, New York, NY; Bruce W. McCullough, Bodel Bové, LLC, Wilmington, DE; Ronald P. Schiller, Thomas N. Brown, Daniel J. Layden, Hangley Aronchick Segal Pudlin & Schiller, Philadelphia, PA; R. Grant Dick, Cooch and Taylor, P.A., Wilmington, DE; Courtney E. Scott, Tressler LLP, New York, NY for defendants.
Case Number: N22C-10-340
Court found that coverage exclusion in defendants' insurance tower for insured's securities action was not triggered where prior SEC subpoena was, at best, tangentially related to the action as the subpoena and the action focused on two different types of alleged improper conduct.
Publication Date: 2024-02-26
Practice Area: Contracts
Industry: Consulting | Entertainment and Leisure | Retail
Court: U.S. District Court of Delaware
Judge: District Judge Burke
Attorneys: For plaintiff: Joseph L. Christensen, Christensen & Dougherty LLP, Wilmington, DE; Edward Totino, Nancy Nguyen Sims, Michael T. Boardman, Baker & McKenzie LLP, Los Angeles, CA for plaintiff.
for defendant: John M. Seaman, E. Wade Houston, Christopher Fitzpatrick Cannataro, Abrams & Bayliss LLP, Wilmington, DE; Trey Cox, Gibson, Dunn & Crutcher LLP, Dallas, TX for defendant.
Case Number: 22-363-CJB
Court granted partial dismissal of breach of contract claim where parties reached written agreement on only one set of figures for three of their projects, meaning the parties had not reached a complete written agreement.
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Authors: George Bochetto, David P. Heim, John A. O’Connell, Robert S. Tintner
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Publication Date: 2024-02-26
Practice Area: Labor Law
Industry: Financial Services and Banking | Legal Services
Court: Court of Chancery
Judge: Chancellor McCormick
Attorneys: For plaintiff: Peter J. Walsh, Jr., Michael A. Pittenger, Hayden J. Driscoll, Potter Anderson & Corroon LLP, Wilmington, DE; Michael A. Barlow, Quinn Emanuel Urquhart & Sullivan, LLP, Wilmington, DE for plaintiff.
for defendant: Samuel D. Cordle, Peter C. Cirka, Abrams & Bayliss LLP, Wilmington, DE for defendant.
Case Number: 2022-1179-KSJM
Court sustained objection to request for advancement of two categories of fees where plaintiff failed to seek advancement of those fees in her original complaint and could not raise them in a subsequent motion for payment.
Publication Date: 2024-02-19
Practice Area: Real Estate
Industry: Real Estate
Court: Court of Chancery
Judge: Vice Chancellor Zurn
Attorneys: For plaintiff: Paul G. Enterline, Georgetown, DE for plaintiff.
for defendant: Brian J. Ferry, Wilmington, DE for defendant.
Case Number: 2022-1211-MTZ
Option contract with firm deadline for exercise effectively contained a "time is of the essence" provision regardless of whether the contract used that specific phrase.
Publication Date: 2024-02-19
Practice Area: Mergers and Acquisitions
Industry: E-Commerce | Software
Court: Court of Chancery
Judge: Vice Chancellor Glasscock
Attorneys: For plaintiff: Joel Friedlander, Jeffrey M. Gorris, David Hahn, Friedlander & Gorris, P.A., Wilmington, DE; Christopher H. Lyons, Tayler D. Bolton, Robbins Geller Rudman & Dowd LLP, Wilmington, DE; Randall J. Baron, David A. Knotts, Robbins Geller Rudman & Dowd LLP, San Diego, CA; Gregory Del Gaizo, Robbins LLP, San Diego, CA for plaintiffs.
for defendant: Blake Rohrbacher, Susan M. Hannigan, Matthew D. Perri, Daniel E. Kaprow, Kyle H. Lachmund, Richards, Layton & Finger, P.A., Wilmington, DE; Elena C. Norman, Richard J. Thomas, Alberto E. Chávez, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Peter A. Wald, Latham & Watkins LLP, San Francisco, CA; Blair Connelly, Latham & Watkins LLP, New York, NY for defendants.
Case Number: 2017-0337-SG
Court denied corporate benefit fee to plaintiffs who were unsuccessful at trial as the appointment of independent directors to the corporation's special litigation committee was too ancillary a benefit to warrant a fee.
Publication Date: 2024-02-19
Practice Area: Securities Litigation
Industry: Financial Services and Banking | Investments and Investment Advisory
Court: U.S. District Court of Delaware
Judge: District Judge Wallach
Attorneys: For plaintiff: Francis J. Murphy, Jr., Jonathan L. Parshall, Murphy, Spadaro & Landon, Wilmington, DE; Steven M. Coren, Benjamin M. Mather, Matthew R. Williams, Kauffman, Coren & Ress, P.C, Philadelphia, PA for plaintiffs.
for defendant: Brian M. Rostocki, Anne M. Steadman, Justin M. Forcier, Reed Smith LLP, Wilmington, DE; Jonathan K. Youngwood, Janet A. Gochman, Tyler A. Anger, Katherine A. Hardiman, Simpson, Thacher & Bartlett, New York, NY; Kevin R. Shannon, Daniel Rusk, Potter Anderson & Corroon LLP, Wilmington, DE; Tracy Richelle High, Scott A. Foltz, Sullivan & Cromwell LLP, New York, NY for defendants.
Case Number: 15-00897-EJW
Although plaintiffs' experts' report in support of their damages theory for class certification used sufficiently reliable methodologies under the Daubert standard, the evidence was wholly speculative to demonstrate economic loss or proximate causation, such that plaintiffs could not meet the commonality or predominance standards.
Publication Date: 2024-02-19
Practice Area: Corporate Governance
Industry: Investments and Investment Advisory
Court: Court of Chancery
Judge: Vice Chancellor Glasscock
Attorneys: For plaintiff: Thad J. Bracegirdle, Emily L. Skaug, Bayard, P.A., Wilmington, Delaware; Brian A. Katz, John G. Moon, Olshan Frome Wolosky LLP, New York, NY for plaintiffs.
for defendant: Steve L. Caponi, Matthew B. Goeller, K&L Gates LLP, Wilmington, DE; Christopher M. Verdini, K&L Gates LLP, Pittsburgh, PA for defendants.
Case Number: 2021-0306-SG
Court interpreted the scope of the parties' joint waiver of their contractual mandatory arbitration provision to include only those claims the parties had asserted in their pleadings at the time they executed the waiver, so as to avoid an unintended waiver of bargained-for rights.
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