Salladay v. Lev, 2020 Del. Ch. LEXIS 78, 2020 WL 954032 (Del. Ch. Feb. 27, 2020) (Glasscock, V.C.)

  • Salladay v. Lev, 2020 Del. Ch. LEXIS 78, 2020 WL 954032 (Del. Ch. Feb. 27, 2020) (Glasscock, V.C.)

The Delaware Court of Chancery recently confirmed in Salladay v. Lev that conditioning a conflicted (but non-controller) transaction upon approval by a fully empowered, disinterested and independent special committee can restore the business judgment standard of review for the transaction (rather than the more burdensome entire fairness standard that would otherwise apply). However, the court (in an opinion by Vice Chancellor Glasscock) found that such special committee “cleansing” works only if the special committee protections are put in place prior to the commencement of discussions about what might constitute an acceptable price. In Salladay, the court held that the company chairman’s discussions with the acquirer regarding price created a price collar before the special committee was formed that set the tone for future negotiations, and therefore, the special committee’s approval of the transaction did not restore the business judgment standard of review.

via Cooley, Potter Anderson, Morris James, GD&C, S&C

Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund (2)—口頭弁論

口頭弁論のtranscriptが公開されました。

録音は未だ公開されていないようです。

〔2014年11月9日追記〕 録音が公開されました。

via MoFo, CorporateCounsel.net, SCOTUSblog, J. Robert Brown, Jr., 10b-5 Daily, Orrick

Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund (1)

Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fundについて,最高裁判所が裁量上訴を認めました。

毎年,一件以上,連邦証券法関係の最高裁判決が出るのは,研究対象が増えるということで良いことなのでしょうか。Roberts courtになってからの増加の原因が知りたいところです。

本件は,意見(すなわち,ソフト情報)に関する証券法11条の責任について争われた事案で,控訴裁判所でのsplitを解決するものと期待されます。個人的には,原審である第6巡回区合衆国控訴裁判所のIndiana State Dist. Council of Laborers v. Omnicare, Inc., 719 F.3d 498, 505 (6th Cir. 2013)のdoctrineが良いと思っています。最高裁判所の判断はどうなるでしょうか。

次の開廷期(OT 2014–2015)の課題です。

via D&O Diary, Securities Litigation & Compliance Matters, Business Law Prof Blog, SCOTUSblog