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August 22, 2024 | Delaware Business Court Insider

Cook: Default Judgment or Not, Plaintiffs Need to Show Work to Obtain Damages

Vice Chancellor Nathan Cook, in an opinion, granted Tyler and Cameron Winklevoss and their investment fund only a fraction of the $1.3 million they claimed to be owed by the founder of a magazine they invested in.
4 minute read
August 21, 2024 | New York Law Journal

Distressed M&A: Surprises All Around Following a Creditor's Enforcement of a Pledge to Effect Change of Control

Beyond the precision that should be present in the pledge agreement, actually divesting control of a company may have unintended consequences.
10 minute read
August 21, 2024 | Delaware Business Court Insider

Minority Stockholder Was Not a Controller Because Plaintiff Did Not Adequately Plead Actual Control of the Company's Business Affairs

The actual control theory is "not easy to satisfy." In its recent decision, Scianella v. AstraZeneca UK Limited, C.A. No. 2023-0125-PAF (Del. Ch. July 8, 2024), the Delaware Court of Chancery emphasized that plaintiffs have a steep burden even at the pleadings stage to demonstrate actual control.
5 minute read
August 20, 2024 | Delaware Business Court Insider

People of Bikini Claim 'No Questions Asked' Practices Resulted in Trusts' Depletion

Trusts created for persons from the Pacific island that became a nuclear test site have been drained, according to a lawsuit filed in Delaware Chancery Court.
3 minute read
August 20, 2024 | Delaware Business Court Insider

Bayard Attorneys Speak at 2024 ABI Mid-Atlantic Bankruptcy Workshop

On Aug. 6, Bayard attorney Steven D. Adler spoke on an American Bankruptcy Institute Workshop (ABI) panel titled "Financial Distress/Good Faith."
2 minute read
August 16, 2024 | Delaware Business Court Insider

Nikola Sued for Delayed Production 'Inherited' Through Subsidiary

A newly-filed complaint alleges that Romeo, a California-based company that designs and produces lithium-ion battery packs for electric vehicles, overstated its ability to meet production goals, earning a fraction of its anticipated revenue.
3 minute read
August 16, 2024 | Law.com

Federal Judge Awards $1M to Plaintiff's Counsel Following a No Payment Shareholder Derivative Settlement

The plaintiff noted the substantial benefits of the reforms, which included the creation of a new audit committee and an independent director position to sit on the board, among others.
5 minute read
August 16, 2024 | New York Law Journal

'SEC v. Jarkesy': Constitutional Protections From Federal Agency Enforcement

"'Jarkesy' is another case in a line of cases that question the authority of administrative agencies," write Robinson & Cole's Benjamin M. Daniels and Ileana Polanco Cavazos.
8 minute read
August 15, 2024 | Delaware Business Court Insider

Upholding $266.7M Fee Award, Del. Supreme Court Rejects Diminishing-Returns Curb on Bigger Wins

The opinion by Chief Justice Collins J. Seitz Jr. states Delaware precedent doesn't support requiring a declining percentage fee model like the one used in federal courts.
4 minute read
August 15, 2024 | National Law Journal

How a New 3rd Circuit Website Helps Make Court's History 'Come Alive'

"People view the courts as this establishment, but when you listen to oral histories … it's really about individual people coming together to make this happen," said Third Circuit librarian Melissa Bernstein. "The character of the court changes every time there's a new judge who comes on."
6 minute read

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