Del. Supreme Court Sides With Fortune In PE Row

Law360, New York (February 17, 2010, 4:56 PM EST) -- The Delaware Supreme Court has sided with Fortune Management Inc. in its dispute with HLSP Holdings Corp. over an alleged breach of contract concerning the merger of the two private equity firms.

On Monday the state high court upheld summary judgment in favor of Fortune, finding that it was HLSP stockholders and not the company itself that suffered injury from any breach of contract, and thus the company had no standing to sue.

Fortune said in a statement that the suit had created substantial disturbances in...
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