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Directors` and Officers` Liability
I Is the claim derivative or direct? The question has vexed courts and practitioners in Delaware and elsewhere as they have sought to clarify the "often murky distinction" between the two types of corporate law claims. 1 The hazy line between the claims can become even more indistinct when it is understood that the same facts can give rise to both a derivative claim and a direct claim. Yet as Vice Chancellor Leo Strine`s recent decision in Akins v. Cobb illustrates, 2 characterizing a claim as derivative oAkamai-Speedera Merger a Case of Sue and Make Up
One way to end a protracted and bitter battle between two rivals -- marry them. Fenwick & West helped the shotgun wedding of two Internet technology companies that was consumated with $130 million stock deal earlier this month. Thanks to another firm's conflict of interest 15 years ago, Morgan, Lewis ended up at the center of an $11 billion-plus acquisition that's being called a throwback to the massive buyouts of the 1980s.Marc Kasowitz has persisted in his search for an IP star, despite setbacks that would have dampened the enthusiasm of many a managing partner. (Does the name Pitcock ring a bell?) Has Kasowitz Benson at last found its man in Douglas Lumish, who's coming over from Weil?
On the Merger Front, Law Firms Assist Biotech and Athletic Gear Companies
What's new in mergers nowadays? Piper Rudnick's John Howard Clowes stepped in to help Protein Design Labs during a merger with Biogen Idec, after PDL lost its GC and senior vice president of legal. And Reebok International has asked Latham & Watkins to be antitrust counsel for a merger with Adidas-Salomon. The PDL transaction is seen as one of the biggest in the past five years based on its value of $800 million in "biobucks" -- a combination of up-front stock, cash payments and potential long-term value.Thanks to a 2011 Second Circuit decision, AIG has trimmed down a class action alleging that it misled investors about its exposure to mortgage-backed securities. In a Friday ruling, a U.S. district judge in Manhattan dismissed claims that AIG's offering materials from 2006 to 2008 misstated its credit risk.
Just as they did after officials reached similar settlements with UBS and Bank of America, plaintiffs lawyers in private multidistrict litigation against the banks may argue that the JPMorgan deal sidelines class claims in the MDL.
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