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  • Lavin v. West Corp.

    Publication Date: 2018-01-10
    Practice Area: Corporate Governance | Mergers and Acquisitions
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Peter B. Andrews, Craig J. Springer, David M. Sborz, Randall J. Baron, David T. Wissbroecker, Christopher H. Lyons and W. Scott Holleman for plaintiff
    for defendant: Kevin R. Shannon, Christopher N. Kelly, Daniel M. Rusk, Walter C. Carlson, Nilofer I. Umar and Elizabeth Y. Austin for de-fendant.
    Case Number: D68002

    A stockholder was entitled to request books and records to investigate possible breaches of fiduciary duty by corporate officers and directors where the stockholder presented some evidence of mismanagement or wrongdoing.

  • In re Investors Bancorp, Inc. Stockholder Litigation

    Publication Date: 2018-01-03
    Practice Area: Corporate Governance
    Industry:
    Court: Court of Chancery
    Judge: Chancellor Seitz
    Attorneys: For plaintiff: Steve J. Purcell, David A. Jenkins, Neal C. Belgam and Clarissa R. Chenoweth for plaintiffs
    for defendant: Kenneth J. Nachbar and Zi-Xiang Shen for defendants.
    Case Number: D67995

    Where stockholders approved an equity incentive plan that allowed the directors discretion in making awards to themselves, the affirmative defense of ratification could not be used to dismiss the complaint.

  • Oklahoma Firefighters Pension & Retirement System v. Corbat

    Publication Date: 2018-01-03
    Practice Area: Corporate Governance
    Industry: Financial Services and Banking | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Stuart M. Grant, Nathan A. Cook, Rebecca A. Musarra, Mark Lebovitch, David L. Wales, Alla Zayenchik, Brian J. Robbins, Felipe J. Arroyo and Gina Stassi for plaintiffs
    for defendant: Donald J. Wolfe, Jr., T. Brad Davey, Tyler J. Leavengood, Jay G. Stirling, Mary Eaton, Frank Scaduto, Stephen P. Lamb, Me-ghan M. Dougherty, Brad S. Karp, Bruce Birenboim, Susanna Buergel and Jane B. O'Brien for defendants.
    Case Number: D67996

    In this stockholder derivative action, plaintiffs failed to establish bad faith on the part of corporate officers and directors in their responses to numerous regulatory issues.

  • City of Birmingham Ret. And Relief Sys. v. Good

    Publication Date: 2018-01-03
    Practice Area: Corporate Entities | Corporate Governance
    Industry: Energy | State and Local Government
    Court: Delaware Supreme Court
    Judge: Justice Seitz
    Attorneys: For plaintiff: Martin S. Lessner, Kathaleen St. J. McCormick, Nicholas J. Rohrer, and Meryem Y. Dede, Young Conaway Stargatt & Taylor LLP, Wilmington, DE; Robert A. Hoffman, Jeffrey W. Golan, and Julie B. Palley, Barrack, Rodos & Bacine, Philadelphia, PA; Felipe J. Arroyo, Shane P. Sanders, and Gina Stassi, Robbins Arroyo LLP, San Diego, CA; Judith S. Scolnick, Donald. A. Broggi, and Thomas. L. Laughlin, Scott+Scott, Attorneys at Law, LLP, New York, NY; Peter B. Andrews and Craig J. Springer, Andrews & Springer LLC, Wilmington, DE; Alfred G. Yates, Law Offices of Alfred G.Yats, Jr., Pittsburgh, PA, attorneys for appellants
    for defendant: Kenneth J. Nachbar, Susan W. Waesco, and Alexandra M. Cumings, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Jack B. Jacobs, Sidley Austin LLP, Wilmington, DE; Steven M. Bierman, Andrew W. Stern, and Elizabeth A. Espinosa, Sidley Austin LLP, New York, NY, attorneys for appellees.
    Case Number: D67990

    Derivative complaint properly dismissed for failure to make litigation demand where stockholders allegations only established exculpated claim for directors bad faith, rather than personal liability for companys environmental violations.

  • Sarissa Capital Domestic Fund LP v. Innoviva, Inc.

    Publication Date: 2017-12-27
    Practice Area: Contracts | Corporate Governance
    Industry: Consulting | Health Care
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Stephen E. Jenkins, Richard D. Heins, Peter H. Kyle, Martin L. Seidel and Sameer Advani for plaintiffs
    for defendant: Robert S. Saunders, Sarah Runnells Martin, Alyssa S. O'Connell and Matthew P. Majarian for defendant.
    Case Number: D67989

    Defendants agent had actual or apparent authority to bind defendant to an oral settlement agreement.

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  • Jacobs v. The Fed. Housing Fin. Agency

    Publication Date: 2017-12-27
    Practice Area: Corporate Governance | Government
    Industry: Financial Services and Banking | Federal Government
    Court: U.S. District Court of Delaware
    Judge: District Judge Sleet
    Attorneys: For plaintiff: Myron T. Steele, Michael A. Pittenger, Christopher N. Kelly and Alan R. Silverstein for plaintiffs
    for defendant: Robert J. Stearn, Jr., Robert C. Maddox, Howard N. Cayne, Asim Varma, David B. Bergman, Jeffrey W. Kilduff, Michael Walsh, Michael Joseph Ciatti and Graciela Maria Rodriquez for defendants Federal Housing Fin. Agency and Federal Nat'l Mortgage Ass'n; David C. Weiss, Jennifer L. Hall, Chad A. Readler, Diane Kelleher, Thomas D. Zimpleman, Deepthy Kishore and Robert C. Merritt for defendant U.S. Dept. of Treasury.
    Case Number: D67986

    The anti-injunction clause of the Housing and Economic Recovery Act of 2008 precluded plaintiffs action against the Federal Housing Finance Agency for allegedly exceeding its authority by entering into an agreement to change the formula for calculating dividends.

  • Capella Holdings, LLC v. Anderson

    Publication Date: 2017-12-20
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: A. Thompson Bayliss and Sarah E. Hickie, Abrams & Bayliss LLP, Wilimington, DE; Jeffrey J. Bushofsky and Nicholas M. Berg, Ropes & Gray LLP, Chicago, IL, attorneys for plaintiff
    for defendant: Adam Hiller, Hiller Law, LLC, Wilmington, DE; C. Mark Pickrell, The Pickrell Law Group, P.C. Nashville, TN, attorneys for defendant.
    Case Number: D67975

    Company entitled to summary judgment on breach claim for former officers disclosure of privileged company information, where there was no anti-dilution provision in former officers agreement for company to violate, such that former officers breach by disclosure was unexcused.

  • RCS Creditor Trust v. Schorsch

    Publication Date: 2017-12-20
    Practice Area: Business Torts | Corporate Governance | REITS
    Industry: Real Estate
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Philip Trainer, Jr., Marie M. Degnan, John P. Coffey, Gregory A. Horowitz, Jeffrey S. Trachtman, Eileen Patt and Jeffrey Dunlap for plaintiff
    for defendant: Elizabeth A. Sloan, Michael C. Miller, Michael G. Scavelli and Lara E. Romansic for defendant Block; Stephen P. Lamb, Me-ghan M. Dougherty, Allan J. Arffa, Gregory F. Laufer and Jeremy A. Benjamin for remaining defendants.
    Case Number: D67979

    Plaintiff adequately stated a claim for breach of fiduciary duty where officers and directors stood on both sides of a transac-tion which created an entity that defendants controlled by way of super-voting stock despite owning only a minority interest.

  • In re SRC Liquidation LLC

    Publication Date: 2017-11-29
    Practice Area: Bankruptcy | Corporate Governance
    Industry: Manufacturing
    Court: U.S. District Court of Delaware
    Judge: District Judge Stark
    Attorneys: For plaintiff:
    for defendant:
    Case Number: D67954

    Plaintiff failed to allege sufficient facts with regard to its breach of fiduciary duty and fraudulent transfer claims against cor-porate officers and directors. Affirmed.

  • Leonis v. Lawal

    Publication Date: 2017-11-22
    Practice Area: Civil Procedure | Corporate Governance
    Industry: Energy
    Court: Court of Chancery
    Judge: Vice Chancellor Montgomery-Reeves
    Attorneys: For plaintiff: Stuart M. Grant and Michael J. Barry, Grant & Eisenhofer, P.A., Wilmington, DE; Peter B. Andrews and Craig J. Springer, Andrews & Springer LLC, Wilmington, DE; Jeremy Friedman, Spencer Oster, and David Tejtel, Friedman Oster & Tejtel PLLC, New York, NY, attorneys for plaintiff
    for defendant: Myron T. Steele, Arthur L. Dent, and Jaclyn C. Levy, Potter Andersoon & Corroon LLP; David T. Moran and Christopher R. Bankler, Jackson Walker LLP, Dallas, TX; Gregroy V. Varallo, Richards, Layton & Finger, P.A., Wilmington, DE; J. Wiley George, Andrews Kurth LLP, Houston, TX; David J. Teklits and Kevin M. Coen, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Mark Oakes and Ryan Meltzer, Norton Rose Fulbright US LLP, Austin, TX; John Byron, Norton Rose Fulbright US LLP, Houston, TX, attorneys for defendants.
    Case Number: D67944

    Derivative complaint dismissed where board protected by exculpatory provision in bylaws, and plaintiff failed to make demand, and further failed to plead likelihood of liability for non-exculpated claims as to majority of board members to establish challenged transaction as invalid exercise of business judgment.