Delaware Law360 provides breaking news and analysis on legal and regulatory issues in Delaware. Coverage includes high-stakes litigation, policy developments, and corporate deals affecting the state.
Liberty Tax Inc. has agreed to a range of management reforms as part of a deal to end a Chancery Court derivative suit against the company, former CEO and accused "corporate governance scofflaw" John T. Hewitt, and four others, according to court a filing.
A vice chancellor on Friday had jurisdictional concerns that could prevent the Delaware Chancery Court from deciding a $20 million dispute between The Innovation Institute LLC and a subsidiary of Innovation's founding member St. Joseph Health System Inc.
A minority shareholder derivative suit against the controlling investor of chicken producer Pilgrim’s Pride Corp. survived a motion to dismiss Friday, with a Delaware Chancery Court judge finding that directors who approved a $1.3 billion acquisition of an affiliated company were sufficiently involved in the deal to potentially face liability.
A pension fund invested in Baker Hughes Inc. filed a derivative suit Thursday that accuses controlling stockholder General Electric Co. of using its influence over the oil field services company's board to funnel cash to itself amid a liquidity crisis.
More tremors emanated Friday from a hotly contested Dell Technologies Inc. stock reclassification that closed in December, with Bernstein Litowitz Berger & Grossmann LLP and Quinn Emanuel Urquhart & Sullivan LLP attorneys airing sometimes testy arguments for becoming the class lead in a potentially multibillion-dollar Chancery Court deal challenge.