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Internal Revenue Code Cannot Trump DGCL, Federal Court Rules
A federal judge has blocked a $36 million derivative suit filed against Viacom Inc. and its 11 board members alleging that the board breached their fiduciary duty by blocking Class B shareholders from approving an executive compensation plan, which permitted the company's top three executives to receive tax-deductible compensation. Although the plaintiff claimed that the compensation plan violated a section of the Internal Revenue Code because only certain shareholders voted, the court held that the IRC cannot trump the Delaware General Corporation Law, which permits the creation of nonvoting stock.Two former big firm IP litigators were in the spotlight for their plaintiffs-side patent projects this week. Motorola Solutions hit ex-Kirkland partner John Desmarais's Round Rock Research with a declaratory judgment suit, while former Weil Gotshal litigation co-chair Matthew Powers filed his first infringement suit after founding Tensegrity Law Group last year.
Avenarius v. Eaton Corp., DeFAX Case No. D65226 (D.Del. Oct. 16, 2012) Robinson, J. (19 pages).
Avenarius v. Eaton Corp., DeFAX Case No. D65226 (D.Del. Oct. 16, 2012) Robinson, J. (19 pages).Arbitration Scorecard 2013: Contract Disputes
Contract arbitrations active in 2011–12 in which at least $500 million was in dispute.Recent Delaware Cases Spark Debate Over Future of No-Talk Provisions
Are no-talk clauses in stock-for-stock merger agreements dead? Three recent cases from the Delaware Chancery Court appear to allow a board of directors to consider other merger offers even if the board has agreed to a no-talk provision with an initial suitor. No-talk clauses forbid a target's board of directors from engaging in merger discussions with other bidders -- even those presenting bona fide unsolicited offers -- until a shareholder vote occurs on the initial bid.Trending Stories
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