Trulia's Impact On Deal Litigation In Delaware And Beyond

By Edward Micheletti, Jenness Parker and Bonnie David, Skadden Arps Slate Meagher & Flom LLP (November 28, 2016, 9:47 AM EST) -- Throughout the second half of 2015, the Delaware Court of Chancery began questioning its long-standing practice of approving deal litigation settlements involving broad releases for defendants in exchange for disclosure (or other similar therapeutic) benefits and analyzed such proposed settlements with increased scrutiny. This culminated in Chancellor Andre G. Bouchard's widely anticipated decision in In re Trulia Inc. Stockholder Litigation, C.A. No. 10020-CB (Del. Ch. Jan. 22, 2016), wherein the chancellor fashioned a new rule for evaluating disclosure settlements — the "plainly material" standard — and expressed a preference for disclosure claims to be either litigated or mooted....

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