Supreme Court of Delaware

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In the Matter of the Philadelphia Stock Exch., Inc., 613, 2007, 615, 2007

In an action challenging the lower court's approval of a settlement to a shareholder class action, the Court of Chancery's judgment is affirmed where it committed no legal error or abuse of discretion in: 1) approving the settlement, including its definition of the settlement class; or 2) bifurcating its review of the settlement from its future consideration of issues relating to how the settlement proceeds should be allocated.

Appellate Information

  • Decided 03/27/2008
  • Published 03/27/2008


  • JACOBS, Justice., Before STEELE, Chief Justice, HOLLAND, BERGER, JACOBS and RIDGELY, Justices, constituting the Court en Banc.


  • Supreme Court of Delaware


  • For Appellant:
  • Robert J. Valihura, Jr., Esquire (argued), The Law Office of Robert J. Valihura, Jr., Wilmington, Delaware;  for Objectors Below-Appellants Richard P. Kahn, Tim Lobach, Eugene Saftlas, DLD Investments LLC, William Marko, Ralph Gritt, PennMont Securities, Mitchell Marcus and Aubrey & Company;  Of Counsel:  Steven B. Mirow, Esquire, of Philadelphia, Pennsylvania;  for All Objectors Below-Appellants Other Than PennMont Securities;  Lynanne B. Wescott, Esquire, of Philadelphia, Pennsylvania;  for Objector Below-Appellant PennMont.   Securities., Michael J. Maimone (argued), Paul D. Brown and Joseph B. Cicero, Esquires, of Edwards Angell Palmer & Dodge LLP, Wilmington, Delaware;  for Appellants William Schultz, Mitchell Berkowitz, Terrence Gallagher, Mark Thomas, Tom Flynn, Alex Benedik, Don Riley, Glenn Smith, Jeff Mattero, Jim Crompton, Al Perry, Steve Katlin, James W. Ryan, Shoreline Trading, Michael Burtnick, Chris Showers, Ron Henry, Keith Ford, Tom Mester, Fred Martin, Dick Mesirov and Hovde Capital Advisors LLC.

  • For Appellees:
  • Joseph A. Rosenthal and Jessica Zeldin, Esquires, of Rosenthal, Monhait & Goddess, P.A., Wilmington, Delaware;  Of Counsel:  Lawrence Deutsch (argued), Robin Blumenfeld Switzenbaum, Barbara A. Podell and Joshua C. Schumacher, Esquires, of Berger & Montague, P.C., Philadelphia, Pennsylvania;  for Plaintiff Below-Appellee Chuck Ginsburg., Peter J. Walsh, Jr. and Abigail M. LeGrow, Esquires, of Potter Anderson & Corroon LLP, Wilmington, Delaware;  Of Counsel:  Eric S. Goldstein, Esquire, of Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, New York;  for Defendant Below-Appellee Citigroup Financial Products, Inc., Paul J. Lockwood, Esquire (argued), of Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, Delaware;  Of Counsel:  Jay B. Kasner, Esquire, of Skadden, Arps, Slate, Meagher & Flom LLP, New York, New York;  for Defendant Below-Appellee Merrill Lynch, Pierce, Fenner & Smith Incorporated., Edward M. McNally, Esquire, of Morris James LLP, Wilmington, Delaware;  Of Counsel:  Stephen J. Senderowitz, Esquire, of Winston & Strawn LLP, Chicago, Illinois;  for Defendant Below-Appellee Citadel Derivatives Group LLC., Allen M. Terrell, Jr., and Catherine G. Dearlove, Esquires, of Richards, Layton & Finger, P.A., Wilmington, Delaware;  Of Counsel:  Francis E. Bivens and John B. Gaffney, Esquires, of David, Polk & Wardwell, New York, New York;  for Defendant Below-Appellee Morgan Stanley & Co. Incorporated., David C. McBride and Christian Douglas Wright, Esquires, of Young Conaway Stargatt & Taylor LLP, Wilmington, Delaware;  Of Counsel:  Herbert S. Washer and Adam S. Hakki, Esquires, of Shearman & Sterling LLP, New York, New York;  for Defendant Below-Appellee Credit Suisse First Boston Next Fund, Inc., Joel E. Friedlander, Esquire, of Bouchard Margules & Friedlander, P.A., Wilmington, Delaware;  Of Counsel:  Scott A. Edelman, Stacey J. Rappaport and Robert C. Hora, Esquires, of Milbank, Tweed, Hadley, McCloy LLP, New York, New York;  for Defendant Below-Appellee UBS Securities LLC., William M. Lafferty (argued), David J. Teklits, Samuel T. Hirzel and Jeremy D. Eicher, Esquires, of Morris, Nichols, Arsht & Tunnell LLP, Wilmington, Delaware;  Of Counsel:  Stephen J. Kastenberg and Paul Lantieri III, Esquires, of Ballard Spahr Andrews & Ingersoll, LLP, Philadelphia, Pennsylvania;  Tariq Mundiya, Esquire, of Willkie Farr & Gallagher LLP, New York, New York;  for Defendant Below-Appellee Philadelphia Stock Exchange, Inc., and the Individual Defendants Below-Appellees.
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