Del. Judge Tosses Invalid Shares Suit As 12 Years Too Late
Law360, New York (August 4, 2016, 2:16 PM EDT) -- A Delaware Chancery judge has tossed a Tradeworx Inc. investor's suit that sought to void more than 1 million Tradeworx shares held by asset manager WisdomTree Investments Inc., saying the investor waited too long to sue.
Harold Kraft in March 2015 sued WisdomTree, saying that the company in 2000 received shares of Tradeworx stock in exchange for future advertising services — an arrangement Kraft claimed was not allowed under Delaware law at the time. Chancellor Andre Bouchard on Wednesday said that Kraft had filed his suit well outside of the allowable window.
"The statutory period expired almost twelve years before suit...
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