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  • January 22, 2025 | Delaware Business Court Insider

    Chancery: Common Stock Worthless in 'Jacobson v. Akademos' and Transaction Was Entirely Fair

    Jacobs v. Akademos is a post-trial opinion that addresses a squeeze-out merger where Akademos’ (the company) common stockholders were provided zero consideration. Vice Chancellor Travis Laster found that the common stock was worthless for appraisal purposes and that the transaction was entirely fair.

    1 minute read

  • Bandera Master Fund LP v. Boardwalk Pipeline Partners, LP

    Publication Date: 2024-09-24
    Practice Area: Corporate Governance
    Industry: Energy | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: A. Thompson Bayliss, J. Peter Shindel, Jr., Daniel G. Paterno, Eric A. Veres, Samuel D. Cordle, Abrams & Bayliss LLP, Wilmington, DE for plaintiffs.
    for defendant: Srinivas M. Raju, Blake Rohrbacher, Matthew D. Perri, John M. O’Toole, Richards, Layton & Finger, P.A., Wilmington, DE; Rolin P. Bissell, James M. Yoch, Jr., Young Conaway Stargatt & Taylor LLP, Wilmington, DE; Daniel A. Mason, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Wilmington, DE; Stephen P. Lamb, Andrew G. Gordon, Harris Fischman, Robert N. Kravitz, Carter E. Greenbaum, Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY; William Savitt, Sarah K. Eddy, Adam M. Gogolak, Wachtell, Lipton, Rosen & Katz, New York, NY for defendants.
    Case Number: 2018-0372-JTL

    Former limited partners' alternative theories of recovery against general partner in breach of partnership agreement action failed where Delaware Supreme Court had found general partner's reliance on outside counsel's opinion was entitled to conclusive presumption of good faith.

  • Wagner v. BRP Group, Inc.

    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.

  • June 3, 2024 | Delaware Law Weekly

    Court of Chancery Implements Second Tranche of Amendments to Court Rules

    "I remain immensely grateful to Vice Chancellor (J. Travis) Laster, Blake Rohrbacher, and the subcommittee members for their commitment to this project," Chancellor Kathaleen St. Jude McCormick said in a statement. "Each subcommittee member's participation was essential to this project and our system is better thanks to their efforts."

    2 minute read

  • June 3, 2024 | Delaware Business Court Insider

    Latest Tranche of Amendments to Court of Chancery Rules Includes Tweaks To Certain Fees Schedules

    "I remain immensely grateful to Vice Chancellor (J. Travis) Laster, Blake Rohrbacher, and the subcommittee members for their commitment to this project," Chancellor Kathaleen St. Jude McCormick said in a statement. "Each subcommittee member's participation was essential to this project and our system is better thanks to their efforts."

    2 minute read

  • Palkon v. Maffei

    Publication Date: 2024-04-01
    Practice Area: Corporate Governance
    Industry: E-Commerce | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Gregory V. Varallo, Andrew E. Blumberg, Mae Oberste, Daniel E. Meyer, Bernstein Litowitz Berger & Grossmann LLP, Wilmington, DE; Kimberly A. Evans, Lindsay K. Faccenda, Irene R. Lax, Robert Erickson, Block & Leviton LLP, Wilmington, DE; Jeroen van Kwawegen, Bernstein Litowitz Berger & Grossmann LLP, New York, NY; Jeremy Friedman, David Tejtel, Christopher Windover, Lindsay La Marca, Friedman Oster & Tejtel PLLC, Bedford Hills, NY; Jason Leviton, Block & Leviton LLP, Boston, MA; D. Seamus Kaskela, Adrienne Bell, Kaskela Law LLC, Newtown Square, PA for plaintiffs.
    for defendant: Kevin R. Shannon, J. Matthew Belger, Jaclyn C. Levy, Christopher D. Renaud, Justin T. Hymes, Potter Anderson & Corroon LLP, Wilmington, DE; Matthew W. Close, Jonathan B. Waxman, O’Melveny & Myers LLP, Los Angeles, CA; Abby F. Rudzin, Asher Rivner, O’Melveny & Myers LLP, NY, New York; Bradley R. Aronstam, S. Michael Sirkin, Ross Aronstam & Moritz LLP, Wilmington, DE; John A. Neuwirth, Evert J. Christensen, Jr., Stefania D. Venezia, Weil, Gotshal & Manges LLP, New York, NY for defendants.
    Case Number: 2023-0449-JTL

    Court declined to certify order denying motion to dismiss where the order did not decide novel legal issues or issues of substantial importance and where interlocutory review was unlikely to materially advance the resolution of the litigation.

  • Tatum v. Fairstead Affordable LLC

    Publication Date: 2024-01-01
    Practice Area: Corporate Entities
    Industry: Investments and Investment Advisory | Real Estate
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Thomas A. Uebler, Adam J. Waskie, Sarah P. Kaboly, McCollom D’Emilio Smith Uebler LLC, Wilmington, DE; Rudolf Koch, Richards, Layton & Finger, Wilmington, DE for plaintiffs.
    for defendant: Ryan D. Stottman, Thomas P. Will, Alec Hoeschel, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Michael B. Carlinsky, Rollo C. Baker, Jonathan E. Feder, Alison Y. Lo, Cohl K. Love, Stephanie Keleman, Quinn Emanuel Urquhart & Sullivan, LLP, New York, NY for defendants.
    Case Number: 2022-0970-JTL

    Court declined to dismiss breach of contract claim where the statute of frauds did not conclusively apply and where there were factual disputes over whether the work under the alleged contract fell within the scope of plaintiff's employment.

  • Smash Franchise Partners, LLC v. Kanda Holdings, Inc.

    Publication Date: 2023-07-31
    Practice Area: Business Torts
    Industry:
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Richard I.G. Jones, Berger Harris LLP, Wilmington, DE; Tracy N. Betz, Neil Peluchette, Taft, Stettinius & Hollister LLP, Indianapolis, IN for plaintiff.
    for defendant: Andrew L. Cole, Cole Schotz P.C., Wilmington, DE; Steven K. Fedder, Fedder & Janofsky LLC, Baltimore, MD for defendants.
    Case Number: 2020-0302-JTL

    Fraud claims preempted by Delaware Uniform Trade Secrets Act where the claims involved the alleged misappropriation of proprietary business information, but such claims would fail as any fraudulently obtained information would not have caused the claimed damages.

  • Ontario Provincial Council of Carpenters' Pension Trust Fund v. Walton

    Publication Date: 2023-05-09
    Practice Area: Corporate Governance
    Industry: Distribution and Wholesale | Pharmaceuticals | Retail
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Gregory V. Varallo, Mae Oberste, Daniel E. Meyer, Bernstein Litowitz Berger & Grossmann LLP, Wilmington, DE; Mark Lebovitch, Edward G. Timlin, Bernstein Litowitz Berger & Grossmann LLP, New York, NY; Leslie R. Stern, Nathaniel L. Orenstein, Steven L. Groopman, Berman Tabacco, Boston, MA; Ned Weinberger, Mark Richardson, Labaton Sucharow LLP, Wilmington, DE; David MacIsaac, Labaton Sucharow LLP, New York, NY for plaintiffs.
    for defendant: Raymond J. DiCamillo, John M. O’Toole, Richards, Layton & Finger, P.A., Wilmington, DE; Sean M. Berkowitz, Nicholas J. Siciliano, Latham & Watkins LLP, New York, NY; Andrew W. Stern, Charlotte K. Newell, Sidley Austin LLP, New York, NY; William M. Regan, Allison M. Wuertz, Hogan Lovells US LLP, New York, NY; Frank R. Volpe, Sidley Austin LLP, Washington, DC for defendants.
    Case Number: 2021-0827-JTL

    Litigation demand was futile where allegations supported inference that directors and officers knew that the company was violating its legal obligations as a dispenser of prescription opioids in a conscious effort to maximize customer sales and profits.

  • Harris v. Harris

    Publication Date: 2023-02-07
    Practice Area: Corporate Governance
    Industry: Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Joel Friedlander, Christopher M. Foulds, David Hahn, Friedlander & Gorris, P.A., Wilmington, DE; S. Michael Sirkin, R. Garrett Rice, Ross Aronstam & Moritz LLP, Wilmington DE; Gregory Lomax, Lauletta Birnbaum, Sewell, NJ; Jill Guldin, Fisher Broyles, LLP, Princeton, NJ for plaintiffs.
    for defendant: David A. Jenkins, Julie M. O’Dell, Smith, Katzenstein & Jenkins LLP; Wilmington, DE; Steven L. Caponi, Matthew B. Goeller, Megan E. O’Connor, K&L Gates LLP, Wilmington, DE; Kurt M. Heyman, Patricia L. Enerio, Gillian L. Andrews, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; John L. Reed, Ronald N. Brown, III, Peter H. Kyle, Kelly L. Freund, DLA Piper LLP (US), Wilmington, DE; Neal J. Levitsky, E. Chaney Hall, Fox Rothschild LLP, Wilmington, DE; Emily A. Kaller, Greenbaum, Rowe, Smith & Davis LLP, Woodbridge, NJ; William M. Kelleher, Phillip A. Giordano, Madeline Silverman, Gordon, Fournaris & Mammarella, P.A., Wilmington, DE for defendants.
    Case Number: 2019-0736-JTL

    Court declined to dismiss case against defendants under forum non conveniens where there was no earlier-filed similar action and the court had already established personal jurisdiction over defendants.