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Del. Justices Nix Revival Of $1B IHeartMedia Debt Suit

Law360, Wilmington (October 12, 2017, 8:06 PM EDT) -- Delaware's Supreme Court refused Thursday to revive an investor's derivative claim that Clear Channel Outdoor Holdings' directors breached their duty to the company by failing to seek repayment of $1 billion in debts owed by majority owner iHeartMedia.

Chief Justice Leo E. Strine Jr., writing for the three-justice panel that heard arguments Wednesday, affirmed a Nov. 29, 2016, Chancery Court dismissal of a suit filed by GAMCO Asset Management Inc. over alleged CCOH failures to meet its duty to the company or minority investors.

The Supreme Court...
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