Defining Director Duties: Southern Peru And Openlane

Law360, New York (November 1, 2011, 11:55 AM EDT) -- In the past month, the Delaware Court of Chancery issued two decisions providing important guidance on directors' duties in connection with M&A transactions.

In re Southern Peru Shareholder Derivative Litigation

On Oct. 14, 2011, following a trial on the merits, Chancellor Leo E. Strine Jr. issued his post-trial decision in the shareholder derivative action in In re Southern Peru Shareholder Derivative Litigation, C.A. No. 961-CS. Chancellor Strine awarded $1.263 billion plus interest in damages against the acquirer, Grupo Mexico SAB de CV.

Grupo Mexico was the...
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