Court of Chancery of Delaware

In a shareholder suit challenging a management led cash-out merger, the court disapproves of a proposed settlement of the matter where: 1) the parties were dilatory in presenting it for approval, and 2) the court was unable to conclude, from the record presented, either that the plaintiffs' counsel adequately represented the interests of the class or that the settlement terms were fair and reasonable.

Appellate Information

• Decided 11/29/2006
• Published 12/11/2006

Judges

Court

• Court of Chancery of Delaware

Counsel

• For Appellant:
  
• Norman M. Monhait, Esquire, Carmella P. Keener, Esquire, Rosenthal, Monhait & Goddess, P.A., Wilmington, Delaware;  Jonathan M. Stein, Esquire, Stuart A. Davidson, Esquire, Lerach Coughlin Stoia Geller Rudman & Robbins, LLP, Boca Raton, Florida;  Richard B. Brualdi, Esquire, The Brualdi Law Firm, New York, New York, Attorneys for the Plaintiffs.


• For Appellees:
  
• R. Judson Scaggs, Jr., Esquire, Morris, Nichols, Arsht & Tunnell, LLP, Wilmington, Delaware, Attorneys for Defendants SS & C Technologies, Inc., William C. Stone, William C. Hunter, David W. Clark, Jr., Joseph H. Fisher, Albert L. Lord, and Jonathan M. Schofield., Raymond J. DiCamillo, Esquire, Richards, Layton & Finger, P.A., Wilmington, Delaware, Attorneys for Defendant Sunshine Acquisition Corp.