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Del. Justices Won't Revive Suit Over $1.5B Fortress Deal

Law360 (May 10, 2018, 3:16 PM EDT) -- Citing in part a missed opportunity for a lower court pleading, Delaware’s Supreme Court on Thursday refused to revive a proposed class challenge to a Fortress Investment Group LLC affiliate’s $1.5 billion acquisition of a mortgage servicing company in April 2015.

Writing for a three-justice panel that heard the Chester County Employees' Retirement Fund’s appeal, Chief Justice Leo E. Strine Jr. said Vice Chancellor Tamika Montgomery-Reeves had “expressly” opened a door last year for repleading of an already amended complaint to address whether Fortress gained "material"...
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