The Delaware Supreme Court reversed a decision from Delaware Chancery Court Vice Chancellor J. Travis Laster, ruling that the vice chancellor erred by applying the federal "plausibility" standard when he dismissed a lawsuit against a fund formerly operated by a Lehman Brothers affiliate.
A panel composed of Justices Randy J. Holland, Jack B. Jacobs and Henry duPont Ridgely overturned and remanded Laster’s decision inCambium Ltd. v. Trilantic Capital Partners . The justices held that Delaware has not adopted the federal plausibility standard and still applies the "reasonable conceivability" standard, which the high court affirmed inCentral Mortgage Co. v. Morgan Stanley Mortgage Capital Holdings LLC , an August 2011 decision.
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