Lyondell Chem. Co. v. Ryan, No. 401, 2008
In an action involving a business merger, trial court judgment is reversed and summary judgment for plaintiff granted where the company directors did not breach their duty of loyalty by failing to act in good faith as they did not knowingly and completely fail to undertake their responsibilities.
- Decided 04/17/2009
- Published 04/17/2009
- BERGER, Justice., Before STEELE, Chief Justice, HOLLAND, BERGER, JACOBS and RIDGELY, Justices, constituting the Court en Banc.
- Supreme Court of Delaware
- For Appellant:
- Jesse A. Finkelstein, Esquire, Thomas A. Beck, Esquire, Daniel A. Dreisbach, Esquire (argued), Harry Tashjian, IV, Esquire, Blake Rohrbacher, Esquire, Meredith M. Stewart, Esquire, and David Schmerfeld, Esquire, of Richards, Layton and Finger, P.A., Wilmington, Delaware; Of Counsel: David D. Sterling, Esquire and Paul R. Elliott, Esquire of Baker Botts L.L.P., Houston, Texas for Appellants Dan F. Smith, Carol A. Anderson, Susan K. Carter, Stephen I. Chazen, Travis Engen, Paul S. Halata, Danny W. Huff, David J. Lesar, David J.P. Meachin, Daniel J. Murphy and William R. Spivey., Edward P. Welch, Esquire, Edward B. Micheletti, Esquire, Jenness E. Parker, Esquire, Rachel J. Barnett, Esquire of Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, Delaware for Appellant Lyondell Chemical Company.
- For Appellees:
- Pamela S. Tikellis, Esquire, Robert J. Kriner, Jr., Esquire (argued), A. Zachary Naylor, Esquire, Scott M. Tucker, Esquire, Tiffany J. Cramer, Esquire of Chimicles & Tikellis, LLP, Wilmington, Delaware; Of Counsel: Clinton A. Krislov, Esquire and Jeffrey M. Salas, Esquire of Krislov & Associates, Ltd., Chicago, Illinois for Appellee Walter E. Ryan, Jr.