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Corp. Gov. & Securities Cases

May 28, 2010 FindLaw.com Weekly Corp. Gov. & Securities Newsletter
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CORP. GOV. & SECURITIES CASES

  • Arkansas Teacher Ret. Sys. v. Caiafa
  • Seijas v. Repub. of Argentina
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CORP. GOV. & SECURITIES CASES

Supreme Court of Delaware, May 24, 2010
Arkansas Teacher Ret. Sys. v. Caiafa, No. 530, 2009
In an objection to the Vice Chancellor's approval of a settlement among a majority of Countrywide stockholders, Countrywide directors, and Bank of America (BOA), related to Countrywide's merger with BOA, denial of the objection is affirmed where the Vice Chancellor did not abuse his discretion by holding that objector's derivative suit claims for breach of asserted duties were worthless and, therefore, added no conceivable value to the merger. Read more...

U.S. 2nd Circuit, May 27, 2010
Seijas v. Repub. of Argentina, No. 09-0332
In a class action by holders of defaulted bonds issued by the Republic of Argentina, the district court's order of class certification is affirmed in part where: 1) the fact that damages may have to be ascertained on an individual basis was not sufficient to defeat class certification; and 2) the district court correctly determined that proceeding individually would be prohibitive for class members with small claims. However, the order is reversed in part where estimating gross damages for each of the classes as a whole, without using appropriate procedures to ensure that the damages awards roughly reflected the aggregate amount owed to class members, enlarged plaintiffs' rights by allowing them to encumber property to which they have no colorable claim. Read more...




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