Chancery Court Awards $3 Million for Corporate Opportunity Claim

by VeloCap Media | Jan 25, 2013 | Law Updates, LU13

Document: In re Mobilactive Media, LLC, C.A., No. 5725-VCP (Del. Ch. Jan. 25, 2013) The Delaware Court of Chancery found that a party to a joint venture usurped corporate opportunities belonging to the joint venture and therefore breached its fiduciary duty of...

Chancery Court Applies Subjective Good Faith Standard to LP Agreement

by VeloCap Media | Jan 18, 2013 | Law Updates, LU13

Document: Gerber v. EPE Holdings, LLC, C.A. No. 3543-VCN (Del. Ch. Jan. 18, 2013) The Delaware Court of Chancery held that a limited partnership agreement effectively supplanted a general partner’s common law fiduciary duties with contractually defined standards...

Claim that Board Acted in Bad Faith by Failing to Treat Bidders Equally Survives Motion to Dismiss

by VeloCap Media | Jan 3, 2013 | Law Updates, LU13

Document: In re Novell, Inc. Shareholders Litig., C.A. No. 6032-VCN (Del. Ch. Jan. 3, 2013) The Delaware Court of Chancery held that plaintiffs had stated a claim that the members of the board of directors of Novell, Inc. (“Novell”) acted in bad faith by...

Chancery Court Orders Viacom to Release Escrowed Merger Consideration

by VeloCap Media | Dec 12, 2012 | Law Updates, LU12

Document: Winshall v. Viacom International Inc., C.A. No. 6074-CS (Del. Ch. Dec. 12, 2012) The Delaware Court of Chancery ordered Viacom International Inc. (“Viacom”) to release merger consideration held in escrow since 2006 for the benefit of the former...

Chancery Court Addresses Subject Matter Jurisdiction in Actions Involving Delaware LLCs

by VeloCap Media | Dec 7, 2012 | Law Updates, LU12

Document: Duff v. Innovative Discovery LLC, C.A. No. 7599-VCP (Del. Ch. Dec. 7, 2012) The Delaware Court of Chancery confirmed that it may exercise subject matter jurisdiction over matters which the Delaware Limited Liability Company Act (the “LLC Act”)...

Chancery Court Upholds Contractual Elimination of Fiduciary Duty for the Controller of a Delaware Limited Partnership

by VeloCap Media | Oct 9, 2012 | Law Updates, LU12

Document: Hite Hedge LP v. El Paso Corp., C.A. No. 7177-VCG (Del. Ch. Oct. 9, 2012) The Delaware Court of Chancery dismissed fiduciary claims asserted by the limited partners of a master limited partnership, El Paso Pipeline Partners, L.P. (“EPB”), against...