The Delaware Supreme Court seemed skeptical Wednesday that a former Goldman Sachs computer programmer was entitled to more than $2 million in fees and costs for successfully defending himself against charges that he had stolen the investment bank's source code.
In a dramatic proceeding before the Delaware Supreme Court en banc, attorneys for Philip Shawe on Wednesday challenged the constitutionality of a Delaware statute the Delaware Court of Chancery used to order the sale of TransPerfect Global Inc., an argument that was met with skepticism and even derision from the state's highest judicial officer.
Bankruptcy Judge Laurie Selber Silverstein has granted the post-confirmation motion of a trustee of trusts created pursuant to the debtors’ plan of reorganization to examine third parties regarding the cause of the debtors’ financial collapse under Federal Rule of Bankruptcy Procedure 2004.
By Benyamin S. Ross, Jefferson E. Bell and Lauren Kole
The Delaware Supreme Court has reaffirmed the continued applicability of Tooley v. Donaldson, Lufkin & Jenrette, in determining whether a claim is direct or derivative in nature, even when the claim involves a breach of contractual duty owed to a limited partnership.
An attorney for the Williams Cos. on Wednesday asked the Delaware Supreme Court to rule that Energy Transfer Equity breached its obligations to secure from counsel a tax opinion, which would have allowed the companies' planned $37.5 billion merger to proceed.
In their Corporate Litigation column, Joseph M. McLaughlin and Yafit Cohn, of Simpson Thacher & Bartlett, examine 'In re The Home Depot, Inc. Shareholder Derivative Litigation', which weighed in on a recurring question regarding the demand requirement on which courts have differed: whether pre-suit demand is required for claims alleging a violation of Section 14(a) of the Securities Exchange Act of 1934. 'Home Depot' is the latest in a series of shareholder derivative actions arising from high-profile data breaches to be dismissed in recent years, with the court holding that Delaware's demand requirement applies equally to Section 14(a) claims.
Under the Delaware Limited Liability Company Act, a non-Delaware resident may be deemed to have consented to being sued in Delaware if she is a “manager” of the LLC. But who, exactly, is such a manager?
Citing irreparable harm and inadequacy of money damages, a Delaware federal judge on Thursday permanently enjoined Sanofi SA and Regeneron Pharmaceuticals from selling a product that infringed on the patents of a rival drugmaker.
The Delaware Court of Chancery on Monday ruled that an assignment agreement did not obligate three units of Quiznos to indemnify or pay the legal fees of former executives, who had to defend fraud claims stemming from the company's out-of-court restructuring in 2012.
Vice Chancellor Sam Glasscock III has dismissed a suit related to Allied Irish Bank's 2008 purchase of Bulgarian-American Credit Bank, finding that a previous decision by an Illinois state court in a similar case allowed the Delaware Court of Chancery to abandon its usual deference to a plaintiff's choice of forum.
By Gary W. Lipkin, Alexandra Rogin and Justin M. Forcier
The Delaware Court of Chancery has held that a corporate bylaw ran afoul of 8 Del. C. Section 109(b), where it purported to shift attorney fees and expenses to an unsuccessful stockholder that filed an internal corporate claim outside of the state of Delaware.
The Delaware Court of Chancery has ruled that a company bylaw allowing fee-shifting for unsuccessful stockholder suits filed outside of Delaware was invalid in light of 2015 amendments to the Delaware General Corporation Law.
The derivative complaint alleged that Zynga's CEO, Chairman and controlling stockholder Mark Pincus, along with certain other top managers and directors were given an exception from the company's standing rule preventing insider sales until three days after an earnings announcement.
Delaware bankruptcy cases included several of national prominence in 2016, as the U.S. Supreme Court and another federal appeals court looked at cases that could chart new territory; and parties to a prolonged Chapter 11 proceeding finally reached a high-profile settlement that closed the book on one of the most expensive—and messiest&mdashbankruptcies in recent years.