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Court upheld counsel fee of 26 percent of $1 billion settlement where Delaware disfavored per se rules governing reasonableness of fee awards and chancery court adequately explained the reasonable value of the award.
Fiduciary claims against purported controlling stockholder dismissed where plaintiff failed to plead facts demonstrating that stockholder qualified as a controller of the company or exercised transaction-specific control during proposed sale of company via tender offer.
Plaintiff adequately pled breach of contractual duty of good faith when general partner concealed information indicating that equityholders lacked legal leverage to force a settlement payment for the loss of tax receivable agreement rights in exchange for their approval of the corporate conversion.
Court denied corporate benefit fee to plaintiffs who were unsuccessful at trial as the appointment of independent directors to the corporation's special litigation committee was too ancillary a benefit to warrant a fee.
Court imposed sanctions in the form of a factual presumption on a key issue, which defendants could only rebut with clear and convincing evidence, after defendants admittedly took no action to preserve electronically stored information in response to litigation hold notices.
Court granted the application of a plaintiff team to lead a consolidated derivative action where counsel had organized the stronger litigation team and the selected plaintiffs consistent of public agencies/officials with extensive financial experience.
Securities Fraud Suits Consolidated; Lead Plaintiff Retirement System Had Greatest Loss
Misrepresentations Did Not Impact Stock Price; Shareholder Class Decertified
Corporate founder who retained a quarter stake of the company and served as a director and officer did not attempt to use his influence to drive acquisition of another company in which he also held an interest, such that the board's appointment of a special committee to negotiate the acquisition meant that the transaction did not need to be reviewed under entire fairness.
Appeals & Motions List released on:December 8, 2022
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