Vice Chancellor Joseph R. Slights III, in a strongly worded ruling, has booted the representative plaintiff and Pomerantz counsel from an unresolved derivative suit, saying their bid to collect $540,000 in interim fees as they exited the “botched” litigation was made with “little grace.”
The plaintiff, Marvin Smollar, had requested the fees in connection with a settlement negotiated between Smollar and VitalSpring Technologies’ CEO and sole board member, Sreedhar V. Potarazu. The agreement would have extinguished claims for fiduciary breaches and waste against Potarazu, in exchange for some reforms to the health care data company’s governance structure and additional oversight and disclosures.
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