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  • W. Palm Beach Firefighters' Pension Fund v. Moelis & Co.

    Publication Date: 2024-02-26
    Practice Area: Corporate Governance
    Industry: Financial Services and Banking | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Thomas Curry, Taylor D. Bolton, Saxena White P.A, Wilmington, DE; David Wales, Saxena White P.A., White Plains, NY; Adam Warden, Saxena White P.A; Boca Raton, FL for plaintiff.
    for defendant: John P. DiTomo, Miranda N. Gilbert, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; William Savitt, Anitha Reddy, Getzel Berger, Emma S. Stein, Wachtell, Lipton, Rosen & Katz, New York, NY for defendant.
    Case Number: 2023-0309-JTL

    Court denied summary judgment dismissal of complaint challenging legality of stockholders' agreement provisions on grounds of laches and ripeness, where equitable defenses could not validate a void contractual provision and where stockholder could launch a facial attack against challenged provisions without having to wait for company controllers to breach fiduciary duties.

  • Friddle v. Moehle

    Publication Date: 2024-02-19
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Thad J. Bracegirdle, Emily L. Skaug, Bayard, P.A., Wilmington, Delaware; Brian A. Katz, John G. Moon, Olshan Frome Wolosky LLP, New York, NY for plaintiffs.
    for defendant: Steve L. Caponi, Matthew B. Goeller, K&L Gates LLP, Wilmington, DE; Christopher M. Verdini, K&L Gates LLP, Pittsburgh, PA for defendants.
    Case Number: 2021-0306-SG

    Court interpreted the scope of the parties' joint waiver of their contractual mandatory arbitration provision to include only those claims the parties had asserted in their pleadings at the time they executed the waiver, so as to avoid an unintended waiver of bargained-for rights.

  • Conte v. Greenberg

    Publication Date: 2024-02-19
    Practice Area: Corporate Governance
    Industry: Consumer Products | Manufacturing
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Thomas A. Uebler, Terisa A. Shoremoun, McCollom D’Emilio Smith Uebler LLC, Wilmington, DE; Melinda A. Nicholson, Nicolas Kravitz, Kahn Swick & Foti, LLC, New Orleans, LA; Roger A. Sachar, Newman Ferrara LLP, New York, NY; Domenico Minerva, Labaton Sucharow LLP, New York, NY for plaintiff.
    for defendant: A. Thompson Bayliss, E. Wade Houston, Eliezer Y. Feinstein, Daniel G. Paterno, Abrams & Bayliss LLP, Wilmington, DE; Brad D. Brian, John M. Gildersleeve, Abraham B. Dyk, Munger, Tolles & Olson LLP, Los Angeles, CA; Kenneth J. Nachbar, Susan W. Waesco, Miranda N. Gilbert, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Abby F. Rudzin, O’Melveny & Myers LLP, New York, NY; Matthew F. Davis, Tyler J. Leavengood, Potter Anderson & Corroon LLP, Wilmington, DE; Kenneth A. O’Brien, Jr., Sheppard Mullin Richter & Hampton LLP, Los Angeles, CA for defendants.
    Case Number: 2022-0633-MTZ MEMORANDUM OPINION

    Plaintiff failed to plead demand futility due to the lack of directors' personal liability for oversight and corporate waste claims, as the failure to implement a formal policy governing executives' personal use of corporate aircraft did not, by itself, amount to bad faith, and any financial loss from personal use constituted a fraction of a percentage of the company's expenses and profits.

  • DiDonato v. Campus Eye Mgmt., LLC

    Publication Date: 2024-02-12
    Practice Area: Corporate Governance
    Industry: Health Care | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Mary F. Dugan, Emily V. Burton, Tanner C. Jameson, Young Conaway Stargatt & Taylor LLP, Wilmington, DE for plaintiff.
    for defendant: Ethan H. Townsend, Daniel T. Menken, Ryan D. Konstanzer, McDermott Will & Emery LLP, Wilmington, DE for defendant.
    Case Number: 2023-0671-LWW

    Manager and member of LLC remained the manager of the company where the LLC agreement required his involvement and approval for any amendment, such that the other investors in the company could not unilaterally amend the agreement to remove the manager.

  • Klein v. Sussman

    Publication Date: 2024-02-12
    Practice Area: Corporate Governance
    Industry: Construction | Real Estate
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Gary E. Junge, Scott E. Chambers, Schmittinger & Rodriguez, P.A., Dover, DE for plaintiff.
    for defendant: Donald L. Gouge, Jr., Donald L. Gouge, Jr., LLC, Wilmington, DE for defendants.
    Case Number: 2020-0189-PAF

    Court found that parties agreed to LLC agreement naming them equal members and co-managers, based on the parties' course of conduct following agreement that was consistent with the material terms of the agreement.

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  • Doubleline Capital GP LLC v. Barach

    Publication Date: 2024-02-05
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Thomas W. Briggs, Jr., Morris Nichols Arsht & Tunnell LLP, Wilmington, DE; Laura D. Smolowe, John M. Gildersleeve, Sara H. Worth, Munger, Tolles & Olson LLP, Los Angeles, CA for plaintiffs.
    for defendant: Michael A. Barlow, Quinn, Emanuel, Urquhart & Sullivan, LLP, Wilmington, DE; Steven G. Madison, Joseph Sarles, William Pilon, Quinn, Emanuel, Urquhart & Sullivan, LLP, Los Angeles, CA for defendants.
    Case Number: 2022-0415-PAF

    Court affirmed arbitration award where defendants failed to present evidence sufficient to show that the arbitral panel's interpretation of the parties' agreements was palpably incorrect.

  • Goldstein v. Denner

    Publication Date: 2024-02-05
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Kevin H. Davenport, John G. Day, Jason W. Rigby, Prickett, Jones & Elliot P.A., Wilmington, DE; R. Bruce McNew, Cooch & Taylor P.A., Wilmington, DE; Christopher H. Lyons, Robbins Geller Rudman & Dowd LLP, Wilmington; DE; Randall J. Baron, Rick T. Atwood, Robbins Geller Rudman & Dowd LLP, San Diego, CA; Brett Middleton, Johnson Fistel, LLP, New York, NY for plaintiff.
    for defendant: Stephen E. Jenkins, Richard D. Heins, Ashby & Geddes, P.A., Wilmington, DE; Tariq Mundiya, Sameer Advani, Richard Li, M. Annie Houghton-Larsen, Willkie Farr & Gallagher LLP, New York, NY for defendants.
    Case Number: 2020-1061-JTL

    Court imposed sanctions in the form of a factual presumption on a key issue, which defendants could only rebut with clear and convincing evidence, after defendants admittedly took no action to preserve electronically stored information in response to litigation hold notices.

  • In re Fox Corp.

    Publication Date: 2024-01-29
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Technology Media and Telecom
    Court: Delaware Supreme Court
    Judge: Justice Seitz
    Attorneys: For plaintiff: Gregory V. Varallo, Daniel E. Meyer, Bernstein Litowitz Berger & Grossmann LLP, Wilmington, DE; Mark Lebovitch, Edward G. Timlin, Bernstein Litowitz Berger & Grossmann LLP, New York, NY for appellants.
    for defendant: William B. Chandler III, Brad D. Sorrels, Amy L. Simmerman, Daniyal M. Iqbal, Nora M. Crawford, Wilson Sonsini Goodrich & Rosati, P.C., Wilmington, DE; Mark R. Yohalem, Wilson Sonsini Goodrich & Rosati, P.C., Los Angeles, CA; William M. Lafferty, Susan W. Waesco, Alexandra M. Cumings, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE for appellees.
    Case Number: 2022-1007

    Ability to sue corporate officers for fiduciary violations was not a "power, preference, or special right" of a class of stock and thus a proposed amendment to add an officer exculpation clause did not require a separate class vote under the Delaware General Corporation Law.

  • Paul v. Rockpoint Group, LLC

    Publication Date: 2024-01-22
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Christopher B. Chuff, Joanna J. Cline, Troutman Pepper Hamilton Sanders LLP, Wilmington, DE; A. Christopher Young, Erica H. Dressler, Troutman Pepper Hamilton Sanders LLP, Philadelphia, PA for plaintiff.
    for defendant: Blake Rohrbacher, Matthew D. Perri, Morgan R. Harrison, Richards, Layton & Finger, P.A., Wilmington, DE; Joseph M. McLaughlin, Anthony C. Piccirillo, Simpson Thatcher & Bartlett LLP, New York, NY for defendant.
    Case Number: 2018-0907-JTL

    Company erred in submitting legal issues to its appraiser that fell outside the scope of the appraiser's limited authority to resolve legal issues concerning the company's operating agreement, as the appraiser was an expert rather than an arbitrator with plenary authority.

  • Chordia v. Lee

    Publication Date: 2024-01-15
    Practice Area: Corporate Governance
    Industry: Electronics | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Cook
    Attorneys: For plaintiff: Bradley R. Aronstam, R. Garrett Rice, Holly E. Newell, Ross Aronstam & Moritz LLP, Wilmington, DE; Brian M. Burnovski, Andrew Ditchfield, Pascale Bibi, Nikolaus J. Williams, Marie Killmond, Danielle Mullery, Davis Polk & Wardwell LLP, New York, NY for plaintiffs.
    for defendant: William M. Lafferty, Ryan D. Stottmann, Lauren K. Neal, Alec Hoeschel, Grant E. Michl, Morris, Nichols, Arsht & Tunnel LLP, Wilmington, DE; Hallie B. Levin, Wilmer Cutler Pickering Hale & Dorr LLP, New York, NY; Timothy Perla, Wilmer Cutler Pickering Hale & Dorr LLP, Boston, MA; William Savitt, Jonathan M. Moses, Elaine Golin, Graham W. Meli, Ryan A. McLeod, Wachtell, Lipton, Rosen & Katz, New York, NY; Eric Seiler, Lance J. Gotko, Jason Rubinstein, David J. Ranzenhofer, Sofie Syed, Friedman Kaplan Seiler, Adelman & Robbins LLP, New York, NY; Kurt M. Heyman, Elizabeth A. DeFelice, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE for defendants.
    Case Number: 2023-0382-NAC

    Majority owner's intentional acts to remove founders from the company to eliminate their right to designate board members materially interfered with those rights in violation of the parties' stockholders' agreement's "reasonable efforts" clause.