Litigation Developments and Mega Settlements Dole Food, Inc. Derivative Action – Delaware Chancery Court Finds D&Os Engaged in FraudOn August 27, 2015, the Delaware Chancery Court (Vice Chancellor Laster) issued a scathing decision in the case following a nine-day trial finding that Murdock and Carter engaged in “fraud” to gain approval of the deal at a reduced price, and that their conduct was “intentional and in bad faith.” The court held that Murdock and Carter breached their duty of loyalty and were personally liable for $148 million, representing damages of $2.74 per share. In re Activision Blizzard – Largest Cash Recovery Ever in Derivative Action Duke Energy – M&A Dispute in the Guise of a Section 11 Claim Freeport-McMoRan – Settlement Paid as a Special Dividend to Shareholders Developments in Delaware D&O Law Anti-Fee-Shifting LawAnti-Forum-Shopping Provisionsee supra). The law also invalidates any provisions that would prohibit litigation of intra-corporate claims in Delaware courts.D&O Advancement RightsBlankenship v. Alpha Appalachia Holdings, Inc., the Delaware Chancery Court issued an opinion clarifying and strengthening the rights of a former director and officer to receive “mandatory advancement” of defense costs under a corporation’s charter. The Blankenship case concerned the right to indemnification and advancement by… Read full this story
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