TRENWICK AMERICA LITIGATION TRUST, Plaintiff,
v.
ERNST & YOUNG, L.L.P.; PriceWaterhouseCoopers, L.L.C.; Baker & McKenzie L.L.P.; Milliman, Inc.; James F. Billett, Jr.; Stephen H. Binet; Anthony S. Brown; Richard E. Cole; Robert M. DeMichele; Neil Dunn; Paul Feldsher; Robert A. Giambo; Frank E. Grzelecki; Alan L. Hunte; P. Anthony Jacobs; James E. Roberts; Joseph D. Sargent; Frederick D. Watkins; And Stephen R. Wilcox, Defendants.
Court of Chancery of Delaware, New Castle County.https://leagle.com/images/logo.png
Submitted: June 2, 2006.
Decided: August 10, 2006.
Attorney(s) appearing for the Case
Neil B. Glassman, and Peter B. Ladig, The Bayard Firm, Wilmington, DE; Paul B. Lackey, and Elizabeth K. Stepp, Lackey Hershman, L.L.P., Dallas, TX, for Plaintiff.
Allen M. Terrell, Jr., Richard P. Rollo, Richards, Layton & Finger, P.A., Wilmington, DE; William B. Dawson, J. Stuart Tonkinson, Vinson & Elkins, L.L.P., Dallas, TX, for Defendant Ernst & Young, L.L.P.
A. Gilchrist Sparks, III, and Alan J. Stone, Morris, Nichols, Arsht & Tunnell, Wilmington, DE; Howard M. Shapiro, Jonathan E. Paikin, Kyle M. DeYoung, and Will L. Crossley, Jr., Wilmer Cutler Pickering Hale and Dorr, L.L.P., Washington, DC, for Defendant PriceWaterhouse-Coopers, L.L.C.
Arthur G. Connolly, III, Connolly Bove Lodge & Hutz, L.L.P., Wilmington, DE; Howard W. Gutman, George A. Borden and Ryan T. Scarborough, Williams & Connolly, L.L.P., Washington, DC, for Defendant Baker & McKenzie, L.L.P.
Brett D. Fallon, and Joseph S. Naylor, Morris, James, Hitchens & Williams, L.L.P., Wilmington, DE; R. Timothy Muth and Ryan S. Stippich, Reinhart Boerner Van Deuren, Milwaukee, WI, for Defendant Milliman, Inc.
J. Travis Laster, Abrams & Laster, L.L.P., Wilmington, DE; Richard W. Reinthaler, Michael C. Hefter, and Konstantin Chelney, Dewey Ballantine, L.L.P., New York City, for Defendants James F. Billett, Jr., Stephen H. Binet, Anthony S. Brown, Richard E. Cole, Robert M. DeMichele, Neil Dunn, Paul Feldsher, Robert A. Giambo, Frank E. Grzelecki, Alan L. Hunte, Anthony Jacobs, James E. Roberts, Joseph D. Sargent, Frederick D. Watkins, and Stephen R. Wilcox.
Court of Chancery of Delaware, New Castle County.
OPINION
STRINE, Vice Chancellor.
This case is unusual. The primary defendants in this case were directors of a publicly listed insurance holding company. All but one of the eleven directors was an independent director. The other director was the chief executive officer of the holding company.
In 1998, the holding company embarked on a strategy of growth by acquisition. Within a span of two years, the holding company acquired three other unaffiliated...
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