The Delaware Supreme Court this week upheld the Chancery Court’s dismissal of a derivative suit on the grounds that a prior ruling in federal bankruptcy court stripped the plaintiff of standing and prevented him from relitigating bad-faith claims against supermarket operator Giant Eagle.
The high court’s decision came less than a week after an en banc panel of justices heard oral arguments on Anthony Horbal’s appeal of Vice Chancellor J. Travis Laster’s July decision to dismiss the case with prejudice. Horbal’s attorney, Michael J. Collins of Brewer Attorneys & Counselors in Dallas, had pushed the court to overturn Laster’s decision, arguing that the application of collateral estoppel was unwarranted because his opponents failed to show the bankruptcy court’s findings were essential and identical to the Delaware action.
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