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  • Rudd v. Brown

    Publication Date: 2020-09-30
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Blake A. Bennett, Cooch and Taylor, P.A., Wilmington, DE; Lawrence P. Eagel, W. Scott Holleman, Garam Choe, Bragar Eagel & Squire, P.C., New York, NY for plaintiff.
    for defendant: Daniel A. Mason, Brendan W. Sullivan, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Wilmington, DE; Lewis R. Clayton, Robert N. Kravitz, Harris Fischman, Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY; Ashley R. Altschuler, Ethan H. Townsend, McDermott Will & Emery LLP, Wilmington, DE; Jeffrey M. Reisner, Jason D. Strabo, Paul Ferrillo, McDermott Will & Emery LLP, Los Angeles, CA for defendants.
    Case Number: D69138

    The court dismissed plaintiff's complaint for breach of fiduciary duty because the corporate charter contained an exculpatory clause, and plaintiff failed to plead facts making it reasonably conceivable that any of the defendants were conflicted.

  • In re Anthem-Cigna Merger Litig.

    Publication Date: 2020-09-23
    Practice Area: Mergers and Acquisitions
    Industry: Insurance
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: William M. Lafferty, Kevin M. Coen, D. McKinley Measley, Zi-Xiang Shen, Thomas P. Will, Daniel T. Menken, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Glenn M. Kurtz, Claudine Columbres, Andrew W. Hammond, Gregory Starner, Camille M. Shepherd, Vatsala Sahay, White & Case LLP, New York, NY; Heather M. Burke, White & Case LLP, Palo Alto, CA; Dana E. Foster, White & Case LLP, Washington, DC for plaintiff.
    for defendant: David E. Ross, Garrett B. Moritz, S. Michael Sirkin, Adam D. Gold, Benjamin Z. Grossberg, Anne M. Steadman, Ross Aronstam & Moritz LLP, Wilmington, DE; Stephen R. DiPrima, William Savitt, Graham W. Meli, Adam M. Gogolak, Lauren M. Kofke, S. Christopher Szczerban, Steven P. Winter, Claire E. Addis, Bita Assad, Daniel H. Rosenblum, Jacob Miller, Jeohn Salone Favors, Wachtell, Lipton, Rozen & Katz, New York, NY for defendant.
    Case Number: D69128

    Although merger partner failed to use best efforts to consummate the transaction, in breach of the agreement covenants, the counterpart to the merger was not entitled to expectation damages when government regulators would have ultimately blocked the merger on antitrust grounds.

  • Nuvasive, Inc. v. Miles

    Publication Date: 2020-09-16
    Practice Area: Business Torts
    Industry: Health Care | Manufacturing
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Aaron P. Sayers, McDermott Will & Emery LLP, Wilmington, DE; Rachel B. Cowen, Michael J. Sheehan, J. Christian Nemeth and Emory D. Moore, Jr., McDermott Will & Emery LLP, Chicago, IL; Christopher W. Cardwell, Gullet, Sanford, Robinson & Martin, PLLC, Nashville, TN for plaintiff.
    for defendant: Philip A. Rovner and Jonathan A. Choa, Potter Anderson & Corroon LLP, Wilmington, DE; Frank Earley, Mintz Levin Cohn Ferris Glovsky & Popeo, P.C., New York, NY; Micha Danzig, Eric J. Eastham and Paul M. Huston, Mintz Levin Cohn Ferris Glovsky & Popeo, P.C., San Diego, CA for defendant.
    Case Number: D69122

    Plaintiff adequately stated claims for tortious interference with contractual relations and for violations of state unfair trade practices law, but the court granted defendants' motion to dismiss the remainder of the claims.

  • Fannin v. UMTH Land Dev., L.P.

    Publication Date: 2020-09-16
    Practice Area: Corporate Entities
    Industry: Investments and Investment Advisory | Real Estate
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Robert J. Kriner, Jr. and Tiffany J. Cramer, Chimicles Schwartz Kriner & Donaldson-Smith LLP, Wilmington, DE for plaintiffs.
    for defendant: Steven L. Caponi, K&L Gates LLP, Wilmington, DE; John W. Rotunno, Paul J. Walsen, Joseph C. Wylie II, Molly K. McGinley, Matthew A. Alvis, K&L Gates LLP, Chicago, IL; Myron T. Steele, Timothy R. Dudderar, Jacqueline A. Rogers, Potter Anderson & Corroon LLP, Wilmington, DE for defendants.
    Case Number: D69118

    Limited partners' fiduciary claims survived dismissal where limited partners could rely on misleading disclosures regarding challenged transactions, where the general partners and controllers failed to eliminate fiduciary duties from the partnership agreement, and where general partner's financial interest in challenged transactions was sufficient to establish demand futility.

  • In re USG Corp. Stockholder Litig.

    Publication Date: 2020-09-16
    Practice Area: Mergers and Acquisitions
    Industry: Construction | Distribution and Wholesale | Manufacturing
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Blake A. Bennett, Cooch & Taylor, P.A., Wilmington, DE; Michael J. Palestina, Kahn Swick & Foti, LLC, New Orleans, LA; Juan E. Monteverde and Miles D. Schreiner, Monteverde & Assoc., New York, NY for plaintiffs.
    for defendant: Raymond J. Dicamillo, Srinivas M. Raju, Robert L. Burns, Matthew D. Perri and Angela Lam, Richards, Layton & Finger, P.A., Wilmington, DE; Robert S. Faxon, Andrienne F. Mueller and Robert E. Johnson, Jones Day, Cleveland, OH for defendants.
    Case Number: D69121

    Stockholders stated facts which indicated that they were not fully informed when they approved a deal for the sale of the company, but they failed to adequately allege that the company's directors acted with scienter.

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  • In re Nat'l Collegiate Student Loan Trusts Litig.

    Publication Date: 2020-09-16
    Practice Area: Corporate Governance
    Industry: Financial Services and Banking
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Garrett B. Moritz, Benjamin Z. Grossberg, and S. Reiko Rogozen, Ross Aronstam & Moritz LLP, Wilmington, DE; Kimberly A. Evans and Rebecca A. Musarra, Grant & Eisenhofer P.A., Wilmington, DE; Lance Gotthoffer, Chaitman, LLP, New York, NY; Catherine A. Gaul, Ashby & Geddes, P.A., Wilmington, DE; Michael Hanin and Uri Itkin, Kasowitz Benson Torres LLP, New York, NY; John W. Shaw and Jeffrey T. Castellano, Shaw Keller LLP, Wilmington, DE; Matthew A. Martel, Joseph B. Sconyers, Keith M. Kollmeyer, and Anthony M. Masero, Jones Day, Boston, MA for plaintiffs.
    for defendant: Kurt M. Heyman and Melissa N. Donimirski, Enerio Gattuso & Hirzel LLP, Wilmington, DE; Erik Haas, Joshua Kipnees, George A. LoBiondo, Jared Buszin, Peter Shakro, Devon Hercher, and Jonah Wacholder, Patterson Belknap Webb & Tyler LLP, New York, NY; Jason C. Jowers, Stephen B. Brauerman, Brett M. McCartney, and Elizabeth A. Powers, Bayard, P.A., Wilmington, DE; Rebecca L. Butcher and Jennifer L. Cree, Landis Rath & Cobb LLP, Wilmington, DE; John P. Doherty and William Hao, Alston & Bird LLP, New York, NY; Stacey A. Scrivani, Stevens & Lee, P.C., Wilmington, DE for defendants.
    Case Number: D69120

    Because a precautionary security interest could be created simultaneously with the assignment of pledged collateral, indentured parties who received the assignment granted them the beneficial interests of the property, such that the owners of the trusts that acquired the property owed the indentured parties fiduciary duties through the owners' control over the trusts.

  • Otto Candies LLC v. KPMG, LLP

    Publication Date: 2020-09-09
    Practice Area: Damages
    Industry: Financial Services and Banking | Accounting
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: David E. Ross, Ross, Aronstam & Moritz LLP, Wilmington, DE; Terry L. Wit, Juan P. Morillo, Derek L. Shaffer, Lauren H. Dickie, and David H. Needham, Quinn Emanuel Urquhart & Sullivan, LLP, San Francisco, CA and Washington, DC for plaintiffs.
    for defendant: Kevin R. Shannon, Matthew F. Davis, and Christopher N. Kelly, Potter Anderson & Corroon LLP, Wilmington, DE; Gregory G. Ballard and Jose F. Sanchez, Sidley Austin LLP, New York, NY; Todd Schiltz, Drinker Biddle & Reath LLP, Wilmington, DE; Robert A. Scher and Jonathan H. Friedman, Foley & Lardner LLP, New York, NY; Timothy Jay Houseal, Jennifer M. Kinkus, William E. Gamgort, Young Conaway Stargatt & T aylor LLP, Wilmington, DE; Ana C. Reyes, Williams & Connolly, LLP, Washington, DC for defendants.
    Case Number: D69113

    Negligence action under vicarious liability failed where plaintiffs failed to establish existence of agency or joint venture relationship between defendant and alleged tortfeasor due to the lack of written agreement as required by applicable Mexico law or existence of required elements under applicable Delaware or New York law to find agency or joint venture relationship.

  • Swipe Acquisition Corp. v. Krauss

    Publication Date: 2020-09-09
    Practice Area: Deals and Transactions
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: David E. Ross and S. Michael Sirkin, Ross Aranstam & Moritz LLP, Wilmington, DE; Michael Farhang, Ari Lanin and Samuel A. Spears, Gibson, Dunn & Crutcher LLP, Los Angeles, CA for plaintiff.
    for defendant: Michael F. Bonkowski, Cole Schotz, P.C., Wilmington, DE; Kevin A. Reck, Kara M. Wick and Emily Lang, Foley & Lardner LLP, Orlando, FL; Louis J. Rizzo, Jr., Reger Rizzo & Darnell LLP, Wilmington, DE; William E. Shmidheiser, III, Flora Pettit, Harrisonburg; Raymond H. Lemisch, Klehr, Harrison, Harvey & Branzburg LLP, Wilmington, DE for defendants.
    Case Number: D69114

    Buyers stated claims for breach of contract, indemnity and fraud in connection with the sale of a business, because sellers failed to disclose important customer information.

  • Teamsters Local 443 Health Serv. & Ins. Plan v. Chou

    Publication Date: 2020-09-09
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Ned Weinberger, Mark D. Richardson and David MacIsaac, Labaton Sucharow LLP, Wilmington, DE and New York, NY; Christine M. Mackintosh and Rebecca Musarra, Grant & Eisenhofer P.A., Wilmington, DE; David Wales and Christopher J. Orrico, Bernstein Litowitz Berger & Grossmann LLP, New York, NY; Frank Schirripa, Hach Rose Schirripa & Cheverie LLP, New York, NY; Nathaniel L. Orenstein and Nicole Lavallee, Berman Tabacco, Boston, MA and San Francisco, CA for plaintiffs.
    for defendant: Stephen C. Norman, Jennifer C. Wasson and Tyler J. Leavengood, Potter Anderson & Corroon LLP, Wilmington, DE; Michael D. Blanchard, Andrew M. Buttaro and Amelia Pennington, Morgan, Lewis & Bockius LLP, Boston, MA for defendants and nominal defendant.
    Case Number: D69115

    Demand was futile in this derivative action, and plaintiffs had alleged sufficient facts to support their claims for oversight liability.

  • CLP Toxicology, Inc. v. Casla Bio Holdings LLC

    Publication Date: 2020-09-02
    Practice Area: Mergers and Acquisitions
    Industry: Biotechnology
    Court: Court of Chancery
    Judge: Chancellor Wallace
    Attorneys: For plaintiff: Christopher Viceconte, Gibbons, P.C., Wilmington, DE; Anthony J. Rospert and Thomas M. Ritzert, Thompson Hine LLP, Cleveland, OH for plaintiff.
    for defendant: Peter B. Ladig and Elizabeth A. Powers, Bayard, P.A. Wilmington, DE; Jordan D. Weiss, Goodwin Procter LLP, New York, NY for defendants.
    Case Number: D69103

    Fraud claim arising from company purchase survived motion to dismiss where buyer could plead fraud arising from written misrepresentations in purchase agreement, which also contractually gave buyer the right to pursue intentional fraud claims that would necessarily arise from outside the contract.