Publication Date: 2024-06-11
Practice Area: Corporate Governance
Industry: Insurance
Court: Court of Chancery
Judge: Vice Chancellor Laster
Attorneys: For plaintiff: Peter B. Andrews, Craig J. Springer, David M. Sborz, Andrew J. Peach, Jackson E. Warren, Jacob D. Jeifa, Andrews & Springer LLC, Wilmington, DE; Steven J. Purcell, Robert H. Lefkowitz, Purcell & Lefkowitz LLP, New York, NY for plaintiff.
for defendant: S. Mark Hurd, Lauren K. Neal, Alec F. Hoeschel, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE for defendant.
Case Number: 2023-0150-JTL
Although founder pre-approval requirements violated provisions of the Delaware General Corporation Law, founders' post-lawsuit agreement to defer to unanimous approval of independent director committee was a sufficient mechanism to defeat facial challenges to the requirements.