Second Circuit affirms Madoff trustee's net equity calculation *

USA - August 19 2011
The United States Court of Appeals for the Second Circuit found in favor of the trustee (the Trustee) presiding over the liquidation of Bernard L. Madoff Investment Securities (BMIS), affirming the Trustee’s calculation of “net equity” in the BMIS liquidation.

Co-authors: Steven Shiffman.

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Delaware has jurisdiction over corporation based on claims arising out of performance of predecessor's contracts *

USA - June 10 2011
The Superior Court of Delaware recently denied a motion to dismiss for lack of personal jurisdiction, holding that, following a merger, the defendant corporation continued to transact business within Delaware and, in connection with that business, caused injury within the state.

Co-authors: Steven Shiffman.

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Directors' bonuses tied to sale rendered them interested *

USA - June 10 2011
The Delaware Court of Chancery sustained in part the claims of a plaintiff investor challenging a company's sale of its primary asset based upon allegations that the vote of the individual director defendants approving the sale was tainted by bonuses they received tied to that sale.

Co-authors: Steven Shiffman.

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Delaware Chancery rejects purported agreement extending court-ordered deadline *

USA - May 6 2011
The Court of Chancery of Delaware ruled that counsel failed to establish "excusable neglect" when it requested additional time to submit an expert witness report after the deadline for that report—as provided for in the court's previously issued scheduling order—had expired.

Co-authors: William M. Regan.

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Employment contract claims survive motion to dismiss *

USA - May 6 2011
The U.S. District Court for the Southern District of New York denied defendants' motion to dismiss a complaint alleging that defendants improperly used confidential business information and solicited plaintiffs' employees and customers in contravention of defendants' employment agreements.

Co-authors: William M. Regan.

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