Used Car Salesmen in Delaware
posted by Dave Hoffman
Vice Chancellor Laster just issued a 46 page opinion discussing which law firms should take the lead in In re: Revlon Securities Litigation. It starts promisingly:
“When forced to defend their leadership role, original plaintiffs’ counsel approached the concept of candor to the tribunal as if attempting to sell me a used car.”
The opinion, which contains much more of this (directed at Wolf Popper, Rigrodsky & Long, and Rosenthal, Monhait, and Goddess) is a hoot. For those that think that Delaware judges just do expressive talk, here’s an example of a bit of bite with that bark. And I enjoyed the inferences made about the defendants’ “body language.”
Other coverage: WSJ Law Blog; M&A Blog.
March 18, 2010 at 6:16 pm
Posted in: Corporate Law
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Responses (2)
Bruce Boyden - March 18, 2010 at 8:43 pm
Another great line: “These assertions were supported by little more than punctuation.”
“Delaware judge dumps frequent filer plaintiff attorneys” - March 22, 2010 at 3:52 pm
[...] “When forced to defend their conduct and leadership role, original plaintiffs’ counsel approached the concept of candor to the tribunal as if attempting to sell me a used car,” wrote Vice Chancellor Travis Laster, ordering the replacement of shareholder lawyers in a case against Revlon Inc. “The lawsuit was consolidated from several complaints brought by law firms that Laster describes as ‘frequent filers’ — firms which often file cases on behalf of shareholders, sometimes within in minutes of a deal being announced.” [Reuters] More: Dave Hoffman, Concurring Opinions. [...]
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