Key Takeaways From Southern Peru

Law360, New York (April 13, 2012, 5:21 PM EDT) -- In a recent opinion issued by the Delaware Court of Chancery, In re Southern Peru Copper Shareholder Derivative Litigation, the court awarded $1.26 billion in damages to address a failed special committee process in a related party purchase of a business from a controlling stockholder. The case provides some key takeaways on forming a “well-functioning” special committee when considering a related party transaction.

Facts

Grupo Mexico, the majority stockholder of Southern Peru, an NYSE-listed mining company, approached Southern Peru with a proposition: purchase Grupo Mexico’s nonpublicly...
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