Del. Justices Uphold Toss Of Suit Over $65M Lending Co. Sale

Law360 (May 15, 2020, 8:54 PM EDT) -- The Delaware Supreme Court on Thursday affirmed a ruling tossing a proposed investor class action alleging the $65 million go-private sale of student and specialty lender First Marblehead Corp. was steered by a conflicted controlling group to a company owned by First Marblehead's second-largest stockholder.

The three-judge panel affirmed a Chancery Court's decision in a two-page opinion devoid of details, other than to refer to the reasons stated by Vice Chancellor J. Travis Laster in the October 2019 transcript ruling that granted a motion to dismiss public stockholder Miguel Massari's suit.

Massari told the Chancery Court in January 2019 that company...

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