Wilmington partner Michael J. Maimone was quoted in Law360 on the impact of two major Delaware Chancery Court rulings on merger litigation.
The two decisions, Corwin v. KKR Financial Holdings LLC and In re Trulia Inc. Shareholder Litigation, have changed the landscape of how and where plaintiffs bring suits related to corporate deals. Mike commented on what these decisions reveal about the Chancery Court’s requirements for considering such actions, how the changes may play out in federal courts, and potential downsides to the court’s shift in philosophy.
Mike noted that “The Delaware courts are requiring plaintiffs to do more. I think what the Chancery Court is saying is, ‘We are open for business, but we want to address meritorious actions,’ and the plaintiffs bar is reading that as deal litigation is dead.”