The Delaware Court of Chancery has allowed to proceed a dispute between two groups of investors who pooled their resources for the sole purpose of buying Facebook shares before the social media company’s IPO, but who ended up with two very different results.
Vice Chancellor J. Travis Laster largely denied a motion to dismiss the breach of contract action in ESG Capital Partners II v. Passport Special Opportunities Master Fund, allowing the “disfavored” partners, as the court called them, to sue those “favored” investors who were paid out more on their investments.
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