There was much controversy surrounding the Delaware Court of Chancery in 2012. The year began with two cases in which the court blasted, but refused to issue formal legal sanctions against, two CEOs for their roles in negotiating mergers on behalf of their companies, and ended with the Delaware Supreme Court issuing a harsh rebuke of Chancellor Leo E. Strine Jr.’s opining on the state’s LLC Act in a recent opinion. In between those two events, the Chancery Court was questioned for its late 2011 decision to award a record-setting $304 million in attorney fees in the Southern Peru litigation and the court’s arbitration program was declared unconstitutional by a federal judge.
harsh rebukes
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