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  • XRI Inv. Holdings LLC v. Holifield

    Publication Date: 2024-08-06
    Practice Area: Corporate Governance
    Industry: Energy | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: A. Thompson Bayliss, Samuel D. Cordle, Eric A. Veres, Abrams & Bayliss LLP, Wilmington, DE; Angela C. Zambrano, Yolanda Cornejo Garcia, Margaret Hope Allen, Sidley Austin LLP, Dallas, TX; Robin Wechkin, Sidley Austin LLP, Issaquah, WA for plaintiff.
    for defendant: Michael W. McDermott, Richard I. G. Jones, Jr., David B. Anthony, Zachary J. Schnapp, Berger McDermott LLP, Wilmington, DE for defendants.
    Case Number: 2021-0619-JTL

    Breach of LLC agreement's no-transfer provision was willful where member was charged with knowledge of the provision and knew that transferring his units was a critical part of a loan transaction he was attempting to close, as the member merely reasonably believed that the LLC would not object to the transaction.

  • 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.

  • XRI Inv. Holdings LLC v. Holifield

    Publication Date: 2022-09-27
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: A. Thompson Bayliss, John M. Seaman, Eric A. Veres, Daniel J. McBride, Abrams & Bayliss LLP, Wilmington, DE; Margaret H. Allen, Yolanda C. Garcia, Angela C. Zambrano, Sidley Austin LLP, Dallas, TX for plaintiff.
    for defendant: Michael W. McDermott, Richard I. G. Jones, Jr., David B. Anthony, Zachary J. Schnapp, Berger Harris LLP, Wilmington, DE for defendants.
    Case Number: 2021-0619-JTL

    Though the LLC agreement's provisions required declaring the transfer of member interest void ab initio, case law might need to be reconsidered to allow courts of equity to consider equitable defenses to breach of contract claims.

  • In The Matter of the Rehab. of Scottish RE (U.S.), Inc., LLC

    Publication Date: 2022-05-03
    Practice Area: Insurance Litigation
    Industry: Insurance | State and Local Government
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Peter B. Ladig, GianClaudio Finizio, Bayard, P.A., Wilmington, DE; Diane J. Bartels, Wilmington, DE; James J. Black, III, Jeffrey B. Miceli, Mark W. Drasnin, Black & Gerngross, P.C., Philadelphia, PA; Michael Busenkell, Gellert Scali Busenkell & Brown, LLC, Wilmington, DE for Scottish RE (U.S.), Inc.
    for defendant: Marisa R. DeFeo, Randall S. MacTough, Saul Ewing Arnstein & Lehr LLP, Wilmington, DE; Christopher Viceconte, Gibbons P.C., Wilmington, DE; Daniel Hargraves, Freeborn & Peters LLP, New York, NY; Randall S. MacTough, Zarwin Baum Devito Kaplan Schaer Toddy, PC, Wilmington, DE; Joseph B. Cicero, Gregory Stuhlman, Chipman Brown Cicero & Cole, LLP, Wilmington, DE; R. Stephen McNeill, D. Ryan Slaugh, Potter Anderson & Corroon LLP, Wilmington, DE; Willaim P. Bowden, Catherine A. Gaul, Ricardo Palacio, Ashby & Geddes, Wilmington, DE; John C. Phillips, Jr., Paul S. Seward, Phillips, Goldman, Mclaughlin & Hall, P.A., Wilmington, DE; Joseph C. Schoell, Faegre Drinker Biddle & Reath LLP, Wilmington, DE; Kathleen M. Miller, Smith, Katzenstein & Jenkins, LLP, Wilmington, DE; David A. Felice, Bailey & Glasser, LLP, Wilmington, DE; John G. Harris, Peter C. McGivney, Berger Harris LLP, Wilmington, DE, Garrett B. Moritz, Elizabeth M. Taylor, Ross Aronstam & Moritz LLP, Wilmington, DE; Matthew A. Clemente, R. Bradley Drake, John Grothaus, Sidley Austin LLP, Chicago, IL; Joelle E. Polesky, Stradley Ronon Stevens & Young, Wilmington, DE, Travis S. Hunter, Renee M. Mosley, Richards, Layton & Finger, P.A., Wilmington, DE; Jarret P. Hitchings, Duane Morris LLP, Wilmington, DE; Joseph Larkin, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; Barry M. Klayman, Simon Fraser, Cozen O’Connor, Wilmington, DE; Kevin J. Mangan, Nicholas T. Verna, Womble Bond Dickerson (US) LLP, Wilmington, DE; Jody Barillare, Morgan Lewis & Bockius LLP, Wilmington, DE; Peter H. Kyle, John L. Reed, DLA Piper LLP (US), Wilmington, DE, for shareholders and third-parties.
    Case Number: D69799

    In this case of first impression, the court found that the liquidation standard did not operate as a per se requirement for plan approval.