A minority shareholder of ISN Software Inc. filed suit in Delaware Chancery Court on Wednesday, accusing the controllers of the company of withholding key information needed to adequately consider the fair valuation of its holdings and its rights to stock appraisal before a 2013 merger aimed at pushing out minority shareholders.
A Delaware bankruptcy judge on Wednesday allowed a hedge fund to put in a $23 million floor bid at an auction for shoe retailer Aerogroup International Inc.’s assets, rejecting a challenge from a multiparty group that had previously been picked as the stalking horse bidder.
A Delaware bankruptcy judge gave motorsports company Velocity Holding Co. Inc. the green light Wednesday to poll creditors on its Chapter 11 plan to rework more than $400 million in debt after hearing that concerns from unsecured creditors over how liability releases were described had been resolved.
The Third Circuit on Tuesday affirmed the 6½-year sentence of a Philadelphia financial planner convicted of pilfering $400,000 from investors to buy a bar that later went bankrupt, saying the lower court was correct in finding he’d lied during the bankruptcy proceedings.
Pfizer Inc. is seeking $30 million in coverage from a trio of insurers for the settlement of a $400 million shareholder suit over off-label marketing, alleging the insurers are wrongly tying the dispute to unrelated cases, in a suit the insurers sought to remove to Delaware federal court Tuesday.
President Donald Trump’s nominees to the Tenth Circuit and three other federal courts look to have a clear path forward after they laid out their judicial philosophies before a Senate panel Wednesday, their thoughts ranging from giving more time for jury selection to encouraging more “coordination” between district courts and the patent office.
The Third Circuit on Wednesday vacated a 46-month prison sentence for a former Simpson Thacher & Bartlett LLP managing clerk convicted over his role in a $5.6 million insider trading scheme, on the same day that a district court judge reduced the civil penalty sought by the U.S. Securities and Exchange Commission from $2 million to $25,000.
Talen Energy Corp. has agreed to phase out coal burning at its Brunner Island power plant in central Pennsylvania, according to an agreement Wednesday with the Sierra Club that will be backed by a court-enforceable consent decree.
A nearly $12 million bid by a division of hedge fund-owned Digital First Media has tentatively won a Delaware Chapter 11 auction for the Boston Herald, the bankrupt newspaper announced early Wednesday.
Rent-A-Wreck of America Inc. did not enter Chapter 11 proceedings in good faith, a Delaware bankruptcy judge ruled Tuesday, finding the discount car rental company appears to be solvent and has attempted to use the bankruptcy process to “redistribute value from a longtime adversary.”
Real estate investment trust mogul Nicholas Schorsch and three former Schorsch-venture executives won a partial victory Tuesday in a Delaware Chancery Court fight for $18 million in legal fees arising from investor lawsuits and government investigations.
The Woodbridge Group of Cos. told the Delaware bankruptcy court Tuesday that the U.S. Securities and Exchange Commission did not agree to allow Gibson Dunn & Crutcher LLP to continue representing the debtor after a settlement that resolved the agency’s bid for a court-appointed trustee to take over the case.
Attorneys for ExamWorks Group Inc. argued in a Delaware courtroom Tuesday that document delivery delays by investors seeking appraisal of their stock after a $2.2 billion merger justify steep sanctions, up to and including dismissal of the case.
A Delaware bankruptcy judge gave jewelry and accessories retailer Charming Charlie Inc. the green light Tuesday to poll creditors on its Chapter 11 plan to rework its more than $150 million in debt, approving the debtor’s disclosure statement on the plan after it resolved concerns from unsecured creditors.
Facebook shareholders who challenged the social media giant’s since-dropped plans to create nonvoting stock that would have kept CEO Mark Zuckerberg in control while he divested 99 percent of his stake have asked the Delaware Chancery Court, in papers unsealed Tuesday, for a $129 million legal fee award.
The Third Circuit has upheld the dismissal of a man's claims that he was passed up for a job with the U.S. Department of Agriculture because of work-related criticisms he made about the U.S. Department of Homeland Security, his former employer, saying he failed to make specific claims that the USDA had blacklisted him.
A coalition of 19 attorneys general and others urged the U.S. Department of Commerce on Monday to reject the addition of a citizenship question to the 2020 decennial census, arguing it would undermine the accuracy of the population count and violate the census’ obligations under federal law.
A three-bidder auction has netted leather upholstery-maker GST AutoLeather a $166.9 million purchase offer, the company told a Delaware bankruptcy judge on Monday, with tentative plans now in the works for a closing in late March.
A shareholder hit Sucampo Pharmaceuticals Inc. with a books and records request suit Monday in Delaware’s Chancery Court over Mallinckrodt PLC’s proposed $1.2 billion buyout, alleging Mallinckrodt may have acquired an ownership interest in Sucampo through a side deal that could trigger a three-year moratorium on the merger.
Attorneys general in all 50 states, the District of Columbia and several U.S. territories told Congress on Monday that it’s time to prohibit employers from keeping claims of sexual harassment hush-hush with forced arbitration.
When states and municipalities rebuild permanent infrastructure following disasters, they may be able to reduce the damages caused by eminent domain by planning carefully. In particular, examining preventative solutions allows more time for planning and designing projects to reduce future damages to owners, says Briggs Stahl of RGL Forensics.
Multidistrict litigation is an ever-expanding driver of product liability litigation, but when the MDL process runs its course there is often still a trial to be had, and there are strategic and practical decisions to consider once a case has been remanded. Brandon Cox and Charissa Walker of Tucker Ellis LLP offer tips on how to navigate the remand process.
As litigation funding becomes more widespread, greater complexity and variability in funding deals are to be expected. All claimants should consider certain key questions on the economics of single-case funding when considering or comparing funding terms, says Julia Gewolb of Bentham IMF.
Given the operational and security risks involved, and the substantial digital asset values transacted, the rise of distributed ledger technology and smart contracts will create new opportunities and responsibilities for transactional lawyers, say attorneys with Potter Anderson Corroon LLP.
Law firms claim they create client teams to improve service. Clients aren’t fooled, describing these initiatives as “thinly veiled sales campaigns.” Until firms and client teams begin to apply a number of principles consistently, they will continue to fail and further erode clients’ trust, says legal industry coach Mike O’Horo.
2017 was a busy year in the evolving landscape of preemption in pharmaceutical cases. And the interplay and potential collision between state law duties and federal regulatory requirements raised in the cases decided last year will continue to evolve in 2018, says Connor Sheehan of Dunn Sheehan LLP.
The Delaware Supreme Court's recent decision in a Walmart derivative suit should enhance defendants' ability to obtain dismissal of duplicative derivative actions on preclusion grounds. The ruling might also cause plaintiffs to take steps to appear in multiple forums to avoid preclusion risks, says Jonathan Richman, co-head of the securities litigation group at Proskauer Rose LLP.
Because courts have not modernized as quickly as companies like Amazon, Tesla and Apple, Americans are becoming increasingly dissatisfied, but technological innovations may be able to help Americans access their due process, says Stephen Kane of FairClaims.
Given the prevalence of earnout disputes in M&A, a dispute resolution mechanism that deters litigation should be included in the acquisition agreement. The Delaware courts will not intervene in post-closing disputes, including over earnout payments, when an agreement provides a mechanism for an alternative dispute resolution, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.
In a national survey of 378 small law firms, partners ranked client referrals as the most important means of business development. Yet studies reveal that while professional services providers obtain most new clients from existing client referrals, their best new clients — the ones providing the largest pool of investable assets — overwhelmingly come from “centers of influence,” says Frank Carone, an executive partner at Abrams Fensterman.