Arkansas Teacher Retirement System, Fire & Police Pension Association of Colorado, Louisiana Municipal Police…

Summary

The Supreme Court of Delaware affirmed approval of a settlement resolving claims arising from Bank of America’s acquisition of Countrywide. It held that the Vice Chancellor did not abuse his discretion in finding that the asserted derivative claims were worthless and added no value to the merger, while recognizing that the allegations might support a fraud-based exception to post-merger loss of derivative standing. The court did not decide whether that exception applied because the argument had not been properly presented below or on appeal.