JPMorgan Can't Nix Fresh Market Sale Suit, But Cravath Exits
Law360 (June 1, 2020, 11:44 PM EDT) -- The Delaware Chancery Court on Monday dismissed stockholder claims against Cravath Swaine & Moore LLP, Apollo Global Capital and others, but kept alive claims against JPMorgan Chase & Co. related to its role as financial adviser in an allegedly flawed, $1.4 billion go-private sale of Fresh Market Inc. in 2016.
Vice Chancellor Sam Glasscock III said that at this stage of the putative class action, the stockholders' allegations that JPMorgan's backchannel communications with the buyer, Apollo, are sufficient to keep alive their claims that it aided and abetted a breach of fiduciary duty by its client, Fresh Market.
"A conflicts disclosure...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!