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In re Sculptor Capital Mgmt. Inc. Stockholder Litig.

Publication Date: 2024-09-17
Practice Area: Mergers and Acquisitions
Industry: Investments and Investment Advisory
Court: Court of Chancery
Judge: Vice Chancellor Glasscock
Attorneys: For plaintiff: Ned Weinberger, Michael C. Wagner, Labaton Keller Sucharow LLP, Wilmington, DE; Thomas Curry, Saxena White P.A., Wilmington, DE; Joseph L. Christensen, Meghan D. Dougherty, Christensen & Dougherty LLP, Wilmington, DE; A. Thompson Bayliss, Christopher F. Cannataro, Florentina D. Field, Abrams & Bayliss LLP, Wilmington, DE for plaintiff.
for defendant: Edward B. Micheletti, Arthur R. Bookout, Matthew P. Majarian, Peyton V. Carper, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; Brock E. Czeschin, Matthew D. Perri, Kevin M. Kidwell, Mari Boyle, Richards, Layton & Finger, P.A., Wilmington, DE; David E. Ross, Roger S. Stronach, Ross Aronstam & Moritz LLP, Wilmington, DE for defendants.
Case Number: 2023-0921-SG

Court calculated legal fee award based on the portion of the transaction price increase that was generated by plaintiff's litigation and the stage of the litigation when the increase was obtained.

Bricklayers Pension Fund of W. Pennsylvania v. Brinkley

Publication Date: 2024-07-30
Practice Area: Corporate Governance
Industry: Health Care | Investments and Investment Advisory
Court: Court of Chancery
Judge: Vice Chancellor Zurn
Attorneys: For plaintiff: Mark Richardson, Labaton Sucharow LLP, Wilmington, DE; Nathaniel L. Orenstein, Steven L. Groopman, Berman Tabacco, Boston, MA for plaintiff.
for defendant: Raymond J. DiCamillo, Kevin M. Gallagher, Spencer V. Crawford, Richards, Layton & Finger, P.A., Wilmington, DE; Glenn Kurtz, Andrew Hammond, White & Case LLP, New York, NY; Paul J. Lockwood, Lauren N. Rosenello, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE for defendants.
Case Number: 2022-1118-MTZ

Court dismissed derivative complaint where stockholder failed to show that a majority of the board faced personal liability for willfully ignoring deficiencies in corporate oversight systems or signs the company faced a strong likelihood of corporate trauma.

Litovich v. Bank of America Corp.

Publication Date: 2024-07-12
Practice Area: Civil Procedure | Judges
Industry: Financial Services and Banking | Investments and Investment Advisory
Court: U.S. Court of Appeals for the Second Circuit
Judge: Per Curiam
Attorneys: For plaintiff: For Plaintiffs-Appellants: Gregory Rapawy, Eliana Margo Pfeffer, on the brief, David C. Frederick, Kellogg, Hansen, Todd, Figel & Frederick, P.L.L.C., Washington, DC. For Plaintiffs-Appellants: Christopher M. Burke, Scott+Scott Attorneys at Law LLP, New York, NY. For Plaintiffs-Appellants: Walter W. Noss, Kate Lv, Scott+Scott Attorneys at Law LLP, San Diego, CA. For Plaintiffs-Appellants: George A. Zelcs, Chad E. Bell, Ryan Z. Cortazar, Korein Tillery LLC, Chicago, IL. For Plaintiffs-Appellants: Glen E. Summers, Karma M. Giulianelli, Bartlit Beck LLP, Denver, CO.
for defendant: For Defendants-Appellees The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC: Matthew J. Porpora, Jonathan S. Carter, on the brief, Richard C. Pepperman II, Sullivan & Cromwell LLP, New York, NY. For Defendants-Appellees Bank of America Corporation, BofA Securities, Inc., and Merrill Lynch, Pierce, Fenner & Smith Incorporated: Adam S. Hakki, Richard F. Schwed, Shearman & Sterling LLP, New York, NY. For Defendant-Appellee Barclays Capital, Inc.: Barry G. Sher, Kevin P. Broughel, Paul Hastings LLP, New York, NY. For Defendant-Appellee Credit Suisse Securities (USA) LLC: Herbert S. Washer, Sheila C. Ramesh, Adam S. Mintz, Cahill Gordon & Reindel LLP, New York, NY. For Defendants-Appellees JPMorgan Chase & Co. and J.P. Morgan Securities LLC: Robert D. Wick, John S. Playforth, Covington & Burling LLP, Washington, DC. For Defendant-Appellee NatWest Markets Securities Inc: Paul S. Mishkin, Adam G. Mehes, Davis Polk & Wardwell LLP, New York, NY. For Defendants-Appellees Citigroup Inc. and Citigroup Global Markets Inc.: Jay Kasner, Karen M. Lent, Skadden, Arps, Slate, Meagher & Flom LLP, New York, NY. For Defendant-Appellant Deutsche Bank Securities Inc.: John F. Terzaken, Adrienne V. Baxley, Simpson Thacher & Bartlett LLP, Washington, DC. For Defendants-Appellees Morgan Stanley, Morgan Stanley & Co. LLC, and Morgan Stanley Smith Barney LLC: Richard A. Rosen, Brad S. Karp, Susanna M. Buergel, Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY, Kannon K. Shanmugam, Jane B. O'Brien, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Washington, DC. For Defendants-Appellees Wells Fargo & Co., Wells Fargo Securities, LLC, and Wells Fargo Clearing Services, LLC: Jayant W. Tambe, Laura W. Sawyer, Amanda L. Dollinger, Jones Day, New York, NY.
Case Number: 21-2905

Judgment Vacated; Statute, Precedents Required Judge's Pre-Judgment Disqualification

In re Anaplan, Inc. Stockholders Litig.

Publication Date: 2024-07-09
Practice Area: Mergers and Acquisitions
Industry: Investments and Investment Advisory | Software
Court: Court of Chancery
Judge: Vice Chancellor Cook
Attorneys: For plaintiff: Gregory V. Varallo, Andrew E. Blumberg, Daniel E. Meyer, Bernstein Litowitz Berger & Grossman LLP, Wilmington, DE; Ned Weinberger, Mark Richardson, Labaton Keller Sucharow LLP, Wilmington, DE; David Schwartz, John Vielandi, Labaton Keller Sucharow, New York, NY; Aaron T. Morris, Leonid Kandinov, Andrew W. Robertson, Morris Kandinov LLP, New York, NY for plaintiffs.
for defendant: Edward B. Micheletti, Sarah R. Martin, Ryan M. Lindsay, Lauren M. Griffith, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE for defendants.
Case Number: 2022-1073-NAC

Court dismissed former stockholder's fiduciary duty claim arising from breach of merger agreement leading to reduced merger consideration where the reduced price still provided a premium over the stock price and the stockholders approved the merger in an informed vote.

June 25, 2024 | Corporate Counsel

Ex-SEC Commissioners Fear Agency's AI Regulation Will Be Ham-Handed

"Let's not try to use enforcement to cause folks to pull back and not offer these services. I think that's the challenge," said Robinhood Markets legal chief Dan Gallagher, an SEC commissioner from 2011 to 2015.

6 minute read

May 23, 2024 | Law.com

The Law Firm Disrupted: When Private Equity and Mass Torts Collide in the Same Firm

Skadden served as deal counsel for an investment giant that had previously funded claims against a firm client. Such tensions may grow even more common as multistrategy investors look for new opportunities.

6 minute read

Oklahoma Firefighters Pension and Retirement System v. Banco Santander (Mexico) S.A

Publication Date: 2024-02-22
Practice Area: Securities Litigation
Industry: Investments and Investment Advisory
Court: U.S. Court of Appeals for the Second Circuit
Judge: District Judge Arun Subramanian
Attorneys: For plaintiff: For Plaintiffs-Appellants: Vincent Briganti, Lowey Dannenberg, P.C., White Plains, NY, on the brief, Margaret C. MacLean, Lowey Dannenberg, P.C., White Plains, NY.
for defendant: For Defendants-Appellees: Susan Saltzstein, Kamali P. Willett, Kartik Naram, Skadden, Arps, Slate, Meagher & Flom LLP, New York, NY; Adam S. Hakki, Shearman & Sterling LLP, New York, NY; Alan Schoenfeld, Wilmer Cutler Pickering Hale and Dorr LLP, New York, NY; Paul S. Mishkin, Caroline Stern, Davis Polk & Wardwell LLP, New York, NY; Lev L. Dassin, Roger A. Cooper, Samuel Levander, Cleary Gottlieb Steen & Hamilton LLP, New York, NY; John Terzaken, Karen M. Porter, Simpson Thacher & Bartlett LLP, Washington, DC, on the brief, Boris Bershteyn, Skadden, Arps, Slate, Meagher & Flom LLP, New York, NY.
Case Number: 22-2093

Mexican Banks Had Contacts With NY Based on Sales by 'Pass-Through' Broker-Dealers

Saba Capital CEF Opportunities 1 LLC v. Nuveen Floating Rate Income Fund

Publication Date: 2023-12-08
Practice Area: Securities Litigation
Industry: Investments and Investment Advisory
Court: U.S. Court of Appeals for the Second Circuit
Judge: Circuit Judge Richard C. Wesley
Attorneys: For plaintiff: For Plaintiffs-Appellees: Jacob W. Buchdahl, Susman Godfrey LLP, New York, NY, on the brief, Mark P. Musico, Susman Godfrey LLP, New York, NY.
for defendant: For Defendants-Appellants Nuveen Floating Rate Income Fund, Nuveen Floating Rate Income Opportunity Fund, Nuveen Short Duration Credit Opportunities Fund, Nuveen Global High Income Fund, and Nuveen Senior Income Fund: Parker Rider-Longmaid, Kyser Blakely, Skadden, Arps, Slate, Meagher & Flom LLP, Washington, DC; Scott Musoff, Boris Bershteyn, Skadden, Arps, Slate, Meagher & Flom LLP, New York, NY; Eben Colby, Emily Jennings, Skadden, Arps, Slate, Meagher & Flom LLP, Boston, MA, on the Brief, Shay Dvoretzky, Skadden, Arps, Slate, Meagher & Flom LLP, Washington, DC. For Defendants-Appellants Terence J. Toth, Jack B. Evans, William C. Hunter, Albin F. Moschner, John K. Nelson, Judith M. Stockdale, Carole E. Stone, Margaret L. Wolff, Robert L. Young, and Matthew Thornton III, in their capacity as Trustees of the Nuveen Trusts: Robert A. Skinner, Douglas Hallward-Driemeier, Amy D. Roy, Ropes & Gray LLP, Boston, MA. For Amicus Curiae The Investment Company Institute in Support of Defendants-Appellants: Susan Olson, Dorothy Donohue, Kenneth Fang, The Investment Company Institute, Washington, DC; Steven A. Engel, David A. Kotler, Michael H. McGinley, Dechert LLP, New York, NY. For Amicus Curiae Bulldog Investors, LLP in Support of Plaintiffs-Appellees: Aaron T. Morris, Andrew W. Robertson, Morris Kandinov LLP, New York, NY.
Case Number: 22-407

Firm's Bylaws Amendment Violates ICA as Restriction on Shareholders, Not on Shares

Atallah v. Malone

Publication Date: 2023-07-31
Practice Area: Corporate Governance
Industry: Investments and Investment Advisory | Technology Media and Telecom
Court: Court of Chancery
Judge: Vice Chancellor Glasscock
Attorneys: For plaintiff: F. Troupe Mickler IV, Stephen E. Jenkins, Ashby & Geddes, P.A., Wilmington, DE; William J. Fields, Christopher J. Kupka, Samir Shukurov, Fields Kupka & Shukurov LLP, New York, NY; Gustavo F. Bruckner, Samuel J. Adams, Daryoush Behbood, Pomerantz LLP, New York, NY; Brian Schall, The Schall Law Firm, Los Angeles, CA for plaintiffs.
for defendant: Kevin R. Shannon, Tyler J. Leavengood, Jaclyn C. Levy, Michael C. Gorski, Jr., Lucille E. Wiesner, Potter Anderson & Corroon LLP, Wilmington, DE; Richard B. Harper, Vern Cassin, Thomas E. O’Brien, Alyssa M. Pronley, Kristina Wenner, Baker Botts LLP, New York, NY; Bradley R. Aronstam, S. Reiko Rogozen, Roger S. Stronach, Ross Aronstam & Moritz LLP, Wilmington, DE; Joseph O. Larkin, Matthew P. Majarian, Rupal K. Joshi, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; James R. Carroll, Skadden, Arps, Meagher & Flom LLP, Boston, MA for defendants.
Case Number: 2021-1116-SG

The court denied defendants' motion to dismiss plaintiffs' derivative complaint which alleged that one defendant had made a sham offer to purchase another defendant's high vote stock to trigger a call right, which in turn resulted in significant monetary benefits to both defendants and harm to nominal defendant.

Anderson v. Magellan Health, Inc.

Publication Date: 2023-07-17
Practice Area: Mergers and Acquisitions
Industry: Health Care | Investments and Investment Advisory | Legal Services
Court: Court of Chancery
Judge: Chancellor McCormick
Attorneys: For plaintiff: Ryan M. Ernst, Bielli & Klauder, LLC, Wilmington, DE; Michael A. Rogovin, Weiss Law, Atlanta, GA for plaintiff
for defendant: Paul J. Lockwood, Arthur R. Bookout, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE for defendant.
Case Number: 2021-0202-KSJM

Supplemental proxy disclosures that were only marginally helpful to shareholders and were not clearly material to their analysis only supported a minimal award of legal fees and costs to plaintiff stockholder.