Grupo Mexico Fights $2B Judgment In Southern Copper Suit

Law360, Wilmington (June 7, 2012, 11:28 PM EDT) -- Delaware's Supreme Court heard oral arguments Thursday as Grupo Mexico SAB fought a $2 billion judgment from a shareholders' derivative action over a questionable acquisition, while suit beneficiary Southern Copper Corp. looked to reduce a record $300 million fee awarded to shareholders' attorneys.

Filed in 2004, the securities class action lay quiet for some time, until the new head of Chancery Court announced the figures and his findings late last year.

Chancellor Leo E. Strine ruled that Grupo Mexico had taken advantage of Southern Copper, a...
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