The Delaware Chancery Court has dismissed an action brought by three plaintiffs’ law firms seeking legal fees in connection with merger litigation that was initially successful, but which ultimately failed on appeal when the transaction closed and the objector lost
Related Party Transactions – Lessons from the El Paso MLP Decision
In his recent decision in In Re: El Paso Pipeline Partners, L.P. Derivative Litigation [1], Vice Chancellor Laster awarded $171 million in damages to the limited partners of a master limited partnership (“MLP”) that had challenged the MLP’s acquisition of assets…
Delaware Court of Chancery Examines Nuances of Implied Covenant of Good Faith
In re: El Paso Pipeline Partners, L.P. Derivative Litigation, C.A. No. 7141-VCL (Del. Ch. June 12, 2014).
Key Issue Addressed: This Delaware Court of Chancery opinion examines in 51-pages the nuances of the implied covenant of good faith in…