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GENTILE v. ROSSETTE

No. 573, 2005.

906 A.2d 91 (2006)

John A. GENTILE, Victoria S. Cashman, Bradley T. Martin, John Knight, and Dyad Partners, LLC, Plaintiffs Below, Appellants, v. Pasquale David ROSSETTE, Douglas W. Bachelor, and LeaseNet Group, Inc., an Ohio Corporation, as successor by merger to LeaseNet Group, Inc., a Delaware corporation, Defendants Below, Appellees.

Supreme Court of Delaware.

Decided: August 17, 2006.

Attorney(s) appearing for the Case

David A. Jenkins (argued), Joelle E. Polesky, Robert K. Beste, III, and Michele C. Gott, Esquires, of Smith, Katzenstein & Furlow LLP, Wilmington, Delaware; John L. Reed, Esquire, of Edwards & Angell Palmer & Dodge, LLP, Wilmington, Delaware; for Appellants.

Jesse A. Finkelstein, Raymond J. DiCamillo and Michael R. Robinson, Esquires, of Richards, Layton & Finger, P.A., Wilmington, Delaware; Of Counsel: Sean T. Carnathan (argued) and Alan J. Langton II, Esquires, of O'Connor, Carnathan and Mack LLC, Burlington, Massachusetts; for Appellees.

Before HOLLAND, BERGER and JACOBS, Justices.

JACOBS, Justice.

The plaintiffs, who are former minority shareholders of SinglePoint Financial, Inc. ("SinglePoint" or "the company"), appeal from a grant of summary judgment by the Court of Chancery dismissing their claim for breach of fiduciary duty against SinglePoint's former directors and its CEO/controlling stockholder. The claim arises from a self-dealing transaction in which the CEO/controlling stockholder forgave...

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