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MCA, INC. v. MATSUSHITA ELEC. INDUS. CO.

No. 448, 2000.

785 A.2d 625 (2001)

In re MCA, INC., Shareholder Litigation, Lawrence Epstein and John Linder, Petitioners Below, Appellants, v. MATSUSHITA ELECTRIC INDUSTRIAL CO., LTD., Matsushita Holding Corp., MCA, Inc., Lew W. Wasserman, Thomas V. Jones, Robert S. Strauss, Thomas Wertheimer, Howard H. Baker, Jr., Thomas P. Pollack, Felix G. Rohatyn, Sidney J. Sheinberg, Howard P. Allen, Mary Gardiner Jones, and Charles S. Paul, Defendants Below, Appellees, and Seymour Lazar, A.J. Lou, Marion Lord, Sheldon Shore, Harry Osgood, Barnett Stepak, Julius Ostreicher, Thomas E. Acito, Darren Suprina, Sara Naphtali, Stephania Ziemak, Kenneth Pogrob, Elriede Glancy, Jacob Gottlieb and C. Christopher Muth as Trustee for The Carl H. Muth Trust, Plaintiffs Below, Appellees.

Supreme Court of Delaware.

Decided: November 16, 2001.

Attorney(s) appearing for the Case

Joel Friedlander, Bouchard Margules & Friedlander, Wilmington, Delaware, Stuart L. Shapiro, (argued), Shapiro Forman & Allen LLP, New York City, Roger W. Kirby, Peter S. Linden, Kirby McInerney & Squire, LLP, New York City, Henry P. Monaghan, New York City, for appellants Lawrence Epstein and John Linder.

Anne Foster, Richards, Layton & Finger, Wilmington, Delaware, Barry R. Ostrager, (argued), Mary Kay Vyskocil, Joseph M. McLaughlin, Simpson Thacher & Bartlett, New York City, for defendants below appellees Matsushita Electric Industrial Co., Ltd. and Matsushita Holding Corp.

Joseph A. Rosenthal, Rosenthal, Monhait, Gross & Goddess, P.A., Wilmington, Delaware, Steven G. Schulman, (argued), U. Seth Ottensoser, Milberg Weiss Bershad Hynes & Lerach LLP, New York City, for appellees.

Martin P. Tully, (argued), Morris, Nichols, Arsht & Tunnell, Wilmington, Delaware, Theodore N. Mirvis, Alexander Shaknes, Wachtell, Lipton, Rosen & Katz, New York City, for appellees former MCA Directors.

Before: WALSH, HOLLAND, BERGER and STEELE, Justices, and RIDGELY, President Judge.

WALSH, J.

This is an appeal from a decision of the Court of Chancery which rejected efforts to vacate a 1993 judgment of that court approving a global settlement of claims arising out of the acquisition of MCA, Inc. and Matsushita Electric Industrial Company. The appellants, original plaintiffs in one aspect of the multi-faceted litigation which the merger spawned, contend the Court of Chancery erred in viewing their attempt...

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