Chancery Throws Out Clear Channel Suit Over IHeart Deals
Law360, Wilmington (November 23, 2016, 8:26 PM EST) -- A Delaware Chancery judge on Wednesday threw out a derivative lawsuit alleging mass media company Clear Channel Outdoor Holdings Inc.'s parent iHeartMedia Inc. shackled it with "deleterious" intercompany agreements, ruling that the claims essentially recycle an older case that was settled in 2013.
In a 54-page opinion, Vice Chancellor Joseph R. Slights III wrote that the 2013 settlement that ended a Chancery suit from Clear Channel minority shareholders filed a year earlier, and the releases that came with it, foreclosed the possibility of those claims being asserted again, and the suing shareholder targeting circumstances from after the settlement is not enough...
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