Del. Justices Reverse $18B Towers Watson Merger Suit Toss

Law360 (June 30, 2020, 9:18 PM EDT) -- A split Delaware Supreme Court on Tuesday reversed and sent back for reconsideration the Chancery Court's mid-2019 dismissal of a stockholder suit challenging the $18 billion merger of Towers Watson & Co. and Willis Group, saying the lower court mistakenly deferred too much to the combined company when it dismissed breach of fiduciary duty claims against Towers' CEO.

The 45-page majority opinion, written by Justice Karen L. Valihura, noted that Vice Chancellor Kathaleen S. McCormick tossed stockholder arguments that Towers CEO John J. Haley received details of a proposed five-fold equity compensation hike if the merger went through. The shareholders say...

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