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Chancery Court Decision Provides Guidance on Multiforum Litigation
InIn re Wal-Mart Stores Delaware Derivative Litigation, , the Delaware Court of Chancery held that an order of the U.S. District Court for the Western District of Arkansas dismissing an Arkansas complaint precluded Delaware plaintiffs from litigating demand futility in a Delaware derivative action challenging the same underlying conduct.Measures Aimed at Oversight of LLCs Meet Resistance
Open government advocates last week unveiled draft legislation aimed at tightening financial and security oversight of foreign limited liability companies looking to form in Delaware, an approach that a leading corporation law attorney characterized as a "significant departure" from the state's current statute.Bankrupt Steel Foundry Operator Leaves Big Firms Holding Bag
Constellation Enterprises LLC, owner of the nation's largest single site steel foundry, owes nearly $2 million in legal bills to some of its outside lawyers, according to its Chapter 11 filing in Delaware.T. Rowe Price Shares Ineligible for Appraisal, Court Rules
Shares belonging to T. Rowe Price & Associates, one of Dell's largest investors, will not be part of a massive appraisal action arising out of Dell's $25 billion going-private merger, the Court of Chancery ruled last week.Attorneys Continue to Market Rapid Arbitration, Despite Slow Start
Attorneys are continuing to market the Delaware Rapid Arbitration Act as a new option for settling disputes quickly and discreetly, even as the system has failed to generate any filings in its first year.Chancery Court Rejects ADT Derivative Suit
Delaware Court of Chancery Vice Chancellor Tamika Montgomery-Reeves has tossed a shareholder's derivative case against the board of security company ADT Corp., saying the complaint largely mirrored an ill-fated prior suit that challenged the same actions.Delaware Rapid Arbitration Program Off to Slow Start in First Year in Effect
In the year since Delaware launched a revamped arbitration initiative allowing parties to settle disputes quickly and discreetly, the program has so far failed to gain traction among litigants, as not a single proceeding has yet been filed under the new system.Latham Lands Latest Energy Bankruptcy as Fees Draw Scrutiny
Oklahoma City's Chaparral Energy tapped Latham & Watkins to guide it through Chapter 11, while Skadden and Kirkland both faced questions over their fees in other recent energy industry bankruptcies.Del. Supreme Court Blasts 'Super-Director' Analysis
The Delaware Supreme Court last week affirmed the result but disavowed the reasoning of the Court of Chancery's dismissal of a $50 million claim by OptimisCorp's chief executive in a fiduciary duties suit, saying a judge's analysis of the plaintiff's argument clouded an issue of growing importance in state courts.Denial of Motion to Intervene Upheld in TransPerfect Case
The mother of TransPerfect Global co-founder and CEO Philip Shawe will not be allowed to assert derivative claims against the company's other founder, Elizabeth Elting, in the latest development to a protracted legal battle over the future of the language services and technology solutions company.Trending Stories
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