IN RE FIRST INTERSTATE BANCORP CONSOL. SHAREHOLDER LITIGATION

C.A. No. 14623.

756 A.2d 353 (1999)

In re FIRST INTERSTATE BANCORP CONSOLIDATED SHAREHOLDER LITIGATION.

Court of Chancery of Delaware, New Castle County.

Decided: August 26, 1999.


Attorney(s) appearing for the Case

Joseph A. Rosenthal, Esquire, of Rosentahl, Monhait, Gross & Goddess, P.A., Wilmington, Delaware; of Counsel, Arthur N. Abbey, Esquire (argued), Joshua N. Rubin, Esquire, of Abbey, Gardy & Squitieri, LLP, New York, New York; James C. Strum, Esquire, of Chimicles, & Tikellis LLP, Wilmington, Delaware; of Counsel, Jonathan M. Plasse, Esquire, of Goodkind Labaton Rudoff & Sucharow LLP, New York, New York, Attorneys for Plaintiff and the Class.

Steven J. Rothschild, Esquire, Robert S. Saunders, Esquire (argued), Michele Morgan-Kelly, Esquire, of Skadden, Arps, Slate, Meagher & Flom, LLP, Wilmington, Delaware; Attorneys for Defendants First Interstate Bancorp, William S. Randall and William E.B. Siart.

Jon E. Abramczyk, Esquire, of Morris, Nichols, Arsht & Tunnell, Wilmington, Delaware; of Counsel: Richard H. Borow, Esquire, David Siegel, Esquire, of Irell & Manella LLP, Los Angeles, California; Attorneys for Defendants John E. Bryson, Jewel Plummer Cobb, Ralph P. Davidson, Myron DuBain, Don C. Frisbee, George M. Keller, Thomas L. Lee, William F. Miller, Steven B. Sample, Forrest N. Shumway, Richard J. Stegemeier and Daniel M. Tellep.


OPINION

LAMB, Vice Chancellor.

I. INTRODUCTION

Before me is a petition for fees pressed by the stockholder plaintiffs and their counsel premised on the well-recognized principle that where (i) meritorious litigation is filed, (ii) an action producing a benefit to the corporation or its stockholders is taken by the defendants before judicial resolution is achieved, and (iii) the resulting benefit is causally...

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