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  • In re UnitedHealth Group, Inc. Section 220 Litigation

    Publication Date: 2018-03-14
    Practice Area: Corporate Governance
    Industry: Health Care
    Court: Court of Chancery
    Judge: Vice Chancellor Montgomery-Reeves
    Attorneys: For plaintiff: Nathan A. Cook, Jeroen van Kwawegen, David MacIsaac, Norman Berman, Nathaniel L Orenstein, Mark A. Delaney, Jessica Zeldin and Bradford P. deLeeuw for plaintiffs;
    for defendant: R. Judson Scaggs, Jr., Lauren Neal Bennett and Jason Z. Miller for defendant.
    Case Number: D68075

    Documents relating to a separate qui tam proceeding provided a credible basis for stockholders to request corporate books and records for the purpose of investigating mismanagement or wrongdoing.

  • Arch Ins. Co. v. Murdock

    Publication Date: 2018-03-14
    Practice Area: Corporate Governance | Insurance Law
    Industry: Insurance
    Court: Delaware Superior Court
    Judge: Judge Davis
    Attorneys: For plaintiff: Robert J. Katzenstein and Kathleen M. Miller, Smith, Katzenstein & Jenkins LLP, Wilmington, DE; Michael R. Goodstein, Bailey Cavalieri LLC, Columbus, OH; Merril Hirsh, Troutman Sanders LLP, Washington, DC; Michael L. Manire and Deanna M. Galla, Manire & Galla LLP, New York, NY; Robert P. Conlon and Kevin A. Lahm, Walker Wilcoz Matousek LLP, Chicago, IL; Ommid C. Farashahi, Michael T. Skoglund, and Nicholas R. Novak, BatesCarey LLP, Chicago, IL, attorneys for plaintiffs
    for defendant: Elena C. Norman and Mary F. Dugan, Young Conaway Stargatt & Taylor LLP, Wilmington, DE; Kirk A. Pasich and Pamela Wood, Pasich LLP, Los Angeles, CA; Mikaela Whitman, Pasich LLP, New York, NY , attorneys for defendants.
    Case Number: D68070

    Insurers denied summary judgment on their declaratory judgment action where Delaware law did not preclude insurance from indemnifying directors for breaches of loyalty by fraud.

  • KT4 Partners LLC v. Palantir Tech., Inc.

    Publication Date: 2018-03-07
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Software
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Bartholomew J. Dalton, Andrew C. Dalton, Barry S. Simon and Jonathan B. Pitt for plaintiff
    for defendant: Blake Rohrbacher, Kevin M. Gallagher, Kelly L. Freund, Kevin J. Orsini and Rory A. Leraris for defend-ant.
    Case Number: D68069

    A shareholder was not entitled to inspect corporate books or records where no valuation purpose was stated in the request, but the court found that the shareholder established a credible basis for obtaining records for an investigative purpose.

  • In re Appraisal of AOL Inc.

    Publication Date: 2018-03-07
    Practice Area: Corporate Governance | Mergers and Acquisitions
    Industry: Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Stuart M. Grant, Mary S. Thomas and Laina M Herbert for petitioners
    for defendant: Kevin R. Shannon, Berton W. Ashman, Jr., Christopher N. Kelly, William Savitt, Ryan A. McLeod, An-drew J.H. Cheung, Nicholas Walter and Courtney L. Shike for respondent.
    Case Number: D68067

    In this statutory appraisal proceeding filed by a minority stockholders following a merger, the court relied on a discounted cash flow analysis to determine share value.

  • Cumming v. Edens

    Publication Date: 2018-03-07
    Practice Area: Corporate Governance | Mergers and Acquisitions
    Industry: Health Care
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Jeffrey Gorris, Christopher Foulds, and Christopher Quinn, Friedlander & Gorris P.A., Wilmington, DE; David Wales, David MacIssac, and John Vielandi, Bernstein Litowtiz Berger & Grossman LLP, New York, NY; Adam Warden, Saxena White P.A., Boca Raton, FL; Steven B. Singer and Joshua H. Saltzman, Saxena White P.A., White Plains, NY; J. Elazar Fruchter, Wohl & Fruchter LLP, New York, NY, attorneys for plaintiff
    for defendant: Robert S. Saunders, Ronald N. Brown, III, Sarah R. Martin, and Elisa M.C. Klein, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE, attorneys for defendants.
    Case Number: D68064

    Derivative complaint not dismissed where plaintiff pled facts of directors conflicts of interest with corporation on the other side of the challenged transaction supporting a reasonable doubt as to whether board was disinterested or independent, which constituted a non-exculpated claim.

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    Massachusetts Legal Ethics & Malpractice 2017

    Authors: James S. Bolan, Sara N. Holden

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  • Appel v. Berkman

    Publication Date: 2018-03-07
    Practice Area: Corporate Governance | Mergers and Acquisitions
    Industry: Hospitality and Lodging
    Court: Delaware Supreme Court
    Judge: Justice Strine
    Attorneys: For plaintiff: Jeremy Friedman, Spencer Oster, and David Tejtel, Friedman Oster & Tejtel PLLC, New York, NY; Peter B. Andrews, Craig J. Springer, and David M. Sborz, Andrews & Springer LLC, Wilmington, DE, attorneys for appellant
    for defendant: Mark A. Kirsch and Jefferson E. Bell, Gibson, Dunn & Crutcher LLP, New York, NY; Brian M. Lutz, Gibson, Dunn, & Crutcher LLP, San Francisco, CA; Raymond J. DiCamillo and Elizabeth DeFelice, Richards, Layton & Finger, P.A., Wilmington, DE; Stephen B. Brauerman and Sara E. Bussiere, Bayard, P.A., Wilmington, DE, attorneys for appellees.
    Case Number: D68063

    Boards decision to exclude the chairman/founders opposition to a proposed merger transaction from the stockholders proxy statement was in error, where the facts of such opposition may have been material to a stockholders decision to approve the transaction and the omission of such facts rendered the proxy a partial, incomplete disclosure.

  • Southpaw Credit Opportunity Master Fund, L.P. v. Roma Restaurant Holdings, Inc.

    Publication Date: 2018-02-14
    Practice Area: Corporate Governance
    Industry: Food and Beverage
    Court: Court of Chancery
    Judge: Vice Chancellor Montgomery-Reeves
    Attorneys: For plaintiff: Martin S. Lessner, James P. Hughes, Tammy L. Mercer and Richard J. Thomas for plaintiffs
    for defendant: Kevin G. Abrams, John M. Seaman and E. Wade Houston for director defendants; Brock E. Czeschin and Anthony M. Calvano for Roma Restaurant Holdings, Inc.
    Case Number: D68043

    The court declared a stock issuance was void rather than voidable, so the stock could not be considered in a vote to determine composition of the companys board.

  • EMSI Acquisition, Inc. v. RSUI Indem. Co.

    Publication Date: 2018-02-14
    Practice Area: Corporate Governance | Mergers and Acquisitions
    Industry: Insurance
    Court: U.S. District Court of Delaware
    Judge: District Judge Stark
    Attorneys: For plaintiff: Philip Trainer, Jr., Ashby & Geddes, Wilmington, DE; Lauren Neal Bennett, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Stephen C. Hackney and Timothy W. Knapp, Kirkland & Ellis, Chicago, IL, attorneys for plaintiff
    for defendant: Michael F. Duggan and Emily Kara Silverstein, Marks O'Neill, O'Brien, Doherty & Kelly, P.C.; Wilmington, DE; Kevin A. Lahm, Walker Wilcox Matousek LLP, Chicago, IL, attorneys for defendant.
    Case Number: D68039

    Major shareholder exclusion under D&O liability policy did not exclude coverage, where exclusion language subject to multiple interpretations and therefore ambiguous, and was accordingly construed against insurer.

  • California State Teachers Ret. Sys. v. Alvarez

    Publication Date: 2018-02-07
    Practice Area: Corporate Entities | Corporate Governance
    Industry: Retail
    Court: Delaware Supreme Court
    Judge: Justice Valihura
    Attorneys: For plaintiff: Stuart M. Grant, Michael J. Barry, and Nathan A. Cook; Grant & Eisenhofer, P.A., Wilmington, DE; Christine S. Azar, Ryan T. Keating, and Ned Weinberger, Labaton Sucharow LLP, Wilmington, DE; Daniel Girard, Amanda Steiner, Dena Sharp, Adam Polk, and Jordan Elias, Girard Gibbs LLP, San Francisco, CA; Thomas A. Dubbs, Louis Gottlieb, and Jeffrey A. Dubbin, Labaton Sucharow LLP, New York, NY; Frederic S. Fox, Hae Sung Nam, Donald R. Hall, and Jeffrey P. Campisi, Kaplan Fox & Kilsheimer LLP, New York, NY, attorneys for appellants
    for defendant: Donald. J. Wolfe, Steven C. Norman, and Tyler J. Leavengood, Potter Anderson & Corroon LLP, Wilmington, DE; Theodore J. Boutrous and Alexander K. Mircheff, Gibson Dunn & Crutcher LLP, Los Angeles, CA; Mark A. Perry, Gibson Dunn & Crutcher LLP, Washington, DC, attorneys for appellees.
    Case Number: D68031

    Another jurisdiction's dismissal of derivative action for lack of demand futility had preclusive effect under federal law upon competing group of stockholders derivative litigation.

  • In re Investors Bancorp, Inc. Stockholders Litig.

    Publication Date: 2018-01-24
    Practice Area: Corporate Governance
    Industry: Financial Services and Banking
    Court: Delaware Supreme Court
    Judge: Justice Seitz
    Attorneys: For plaintiff: Steve J. Purcell, Purcell Julie & Lefkowitz LLP, New York, NY; David A. Jenkins, Neal C. Belgam, and Clarissa R. Chenoweth, Smith Katzenstein & Jenkins LLP, Wilmington, DE, attorneys for appellants
    for defendant: Kenneth J. Nachbar and Zi-Xiang Shen, Morris, Nichols, Arsh & Tunnell LLP, Wilmington, DE, attorneys for appellees.
    Case Number: D68016

    Chancery court erroneously dismissed plaintiffs breach of fiduciary claim arising from boards self-award of equity incentives, where incentive plan authorized by disinterested majority stockholder vote granted board discretion to fashion specific awards that were not ratified by the stockholders.