Elon Musk, chief executive officer of Tesla Inc. Photographer: Samuel Corum/BloombergElon Musk Has a Lot More Than a 'Tornetta' Appeal to Resolve in Del. Court
It could be a while before Musk sees the last of Delaware or McCormick, who he called in a Dec. 3 tweet "a radical far left activist cosplaying as a judge," as the list of Delaware cases still pending against Musk and/or Tesla heading into 2025 extends well beyond Tornetta at both the state and federal levels.
December 04, 2024 at 06:03 PM
5 minute read
Tesla has shifted from a Delaware corporation to a Texas one. Twitter has been taken private and rebranded as X. And on Dec. 2, Delaware Court of Chancery Chancellor Kathaleen St. J. McCormick reaffirmed Elon Musk's record-setting compensation package won't be reinstated at Tesla, also putting a bow on attorney fees with the largest sum ever granted to counsel in the court.
The latest ruling may have closed another chapter of the Tornetta v. Musk saga, but it's likely not the last time a Delaware court will weigh in on the case. No appeal has been filed, but Tesla indicated in a tweet the night the decision was published that it plans to take the case to the Delaware Supreme Court, claiming allowing McCormick's decision to stand would signal courts ultimately run Delaware corporations, not shareholders.
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J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
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Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
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Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
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