Court Primes Ruling Against Political-Affiliation Mandate
A Third Circuit judge questioned the constitutionality Tuesday of a Delaware law that requires judges to align themselves with a major political party.
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Carper-Harris Matchup Highlights Delaware Primary Elections
A battle between Delaware’s senior senator and an upstart challenger riding an antiestablishment wave within the Democratic Party highlights the state’s primary elections Thursday.
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SuperValu Shareholders Sue to Block $2.9B Buyout
(CN) – SuperValu Inc. shareholders filed a class action challenging United Natural Foods’ plan to buy the grocery chain for
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Twitter Granted Stay of Delaware Derivative Action While Class Action Looms in California
(CN) – A federal judge in Delaware granted Twitter a motion to stay a consolidated shareholder derivative action, which accuses the company’s directors of concealing information about sluggish growth.
Read moreMan Who Befriended Undercover Cop on Facebook Loses Appeal
Delaware’s Supreme Court has rejected an appeal from a felon convicted on gun charges after accepting a Facebook “friend” request from an undercover police officer.
Read moreCBS Renews NAI Fight, Seeks Court Approval of Dilution Vote
CBS Corp. asked a Delaware judge on Wednesday to bless a move by its board to dilute the stock voting power of its controlling shareholder, the latest step in an ongoing legal battle for control of the mass media company.
Read moreTesla, Elon Musk Cannot Dismiss Shareholder Claims Over SolarCity Acquisition
The Delaware Chancery Court refused to dismiss shareholder claims stemming from Tesla’s controversial acquisition of SolarCity, finding it conceivable that CEO Elon Musk, a controlling stockholder of both companies, unduly influenced the board’s decision.
Read moreKentucky Retirement System Accused of Illegal Money Grab
A small San Francisco investment firm claims Kentucky is trying to unlawfully wrest control of funds the firm manages in the state’s troubled public pension system.
Read moreOracle Shareholders Score Victory in Battle Over NetSuite Acquisition
A Delaware judge ruled that a majority of Oracle’s board is not independent enough of CEO Larry Ellison to make an unbiased decision whether or not to sue Ellison for allegedly pushing Oracle to overpay for cloud computing firm NetSuite, which Ellison substantially owned.
Read moreSales Slump, Lawsuits Spur Gunmaker Remington to Bankruptcy
Remington Arms Co., the company that manufactured the Bushmaster AR-15-style rifle that was used in the Sandy Hook shooting, filed for bankruptcy Sunday as gun sales slump.
Read moreChancery Court Rules on AOL Valuation After Verizon Deal
In an appraisal action, the Delaware Chancery Court found that AOL’s fair value when it was acquired by Verizon was actually three percent below the $50-per-share consideration received by shareholders.
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Stone’s Post-Bankruptcy Merger Deal With Talos Draws Suit
In a haste to find a buyer just four months after emerging from bankruptcy, oil and gas company Stone Energy Corp. executives agreed to a sale to Talos Energy LLC without properly exercising other options, investors claim in a class action.
Read moreClear Channel Investors Contest Loans to IHeart Radio
Clear Channel shareholders brought a derivative class action over the $1 billion that the broadcast giant loaned to iHeartMedia, saying the aid was given at “far-below-market interest rates” despite Clear Channel’s own $20 billion debts.
Read moreEx-American Apparel CEO Loses Court Battle with Hedge Fund After Ouster
Former American Apparel CEO Dov Charney breached the terms of a $20 million deal with a hedge fund designed to help him regain control of the company after being suspended for misconduct, the Delaware Chancery Court ruled.
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Guns OK in Delaware Parks & Forests, Court Rules
Gun enthusiasts are applauding the Delaware Supreme Court for throwing out a law that bans firearms in state parks and forests
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Chancery Court Denies Bid for Merger Termination Fee
Energy Transfer Equity is not entitled to a $1.5 billion termination fee after scuttling a $33 billion merger with Williams Cos., the Delaware Chancery Court ruled.
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Fannie Mae Shareholders Lose Another Fight Over Post-Bailout Mortgage Profits
A federal judge in Delaware dismissed a shareholder action challenging the Federal Housing Finance Agency’s authority to divert Fannie Mae and Freddie Mac’s future profits to the U.S. Treasury as a condition of the mortgage giants’ $188 billion bailout during the 2008 financial crisis.
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Viacom Derivative Suit Over Redstone Payments Fails in Delaware
The Delaware Chancery Court dismissed a shareholder derivative lawsuit that challenged Viacom’s payment of $13 million in bonus money and salary to founder and longtime chairman Sumner Redstone.
Read moreInvestor Ordered to Arbitrate Claims Against Ex-Uber CEO
A Delaware judge ruled from the bench Wednesday that a major Uber investor must arbitrate its explosive claims against the ride-share’s former CEO Travis Kalanick.
Read moreDelaware Judge OKs Sprint-Clearwire Merger
A Delaware judge ruled that Sprint did not breach its fiduciary duty to shareholders when it paid $5 per share to acquire the remaining half of Clearwire’s equity it did not already control when the companies merged four years ago.
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