LOUISIANA MUNICIPAL POLICE EMPLOYEES' RETIREMENT SYSTEM and The R.W. Grand Lodge of Free & Accepted Masons of Pennsylvania, on behalf of themselves and all other similarly situated shareholders of Caremark Rx, Inc., Plaintiffs,
v.
Edwin M. CRAWFORD; C.A. Lance Piccolo; Edwin M. Banks; C. David Brown, II; Colleen Conway-Welch; Harris Diamond; Edward L. Hardin, Jr.; Kristen E. Gibney-Williams; Roger L. Headrick; Jean-Pierre Millon; Michael D. Ware; Caremark Rx, Inc. and CVS Corporation, Defendants.
Express Scripts, Inc., a Delaware corporation; KEW Corp., a Delaware corporation and Skadden, Arps, Slate, Meagher & Flom, LLP, a Delaware Limited Liability Partnership, Plaintiffs,
v.
Edward M. Crawford; Edwin M. Banks; C. David Brown, II; Colleen Conway-Welch; Harris Diamond; Kristen E. Gibney-Williams; Edward L. Hardin, Jr.; Roger L. Headrick; Jean-Pierre Millon; C.A. Lance Piccolo; Michael D. Ware; Caremark RX, Inc., a Delaware corporation; CVS Corporation, a Delaware corporation; and AdvancePCS, a Delaware corporation, Defendants.
Court of Chancery of Delaware, New Castle County.https://leagle.com/images/logo.png
Submitted: February 16, 2007.
Decided: February 23, 2007.
Attorney(s) appearing for the Case
Stuart M. Grant, Michael J. Barry, Stephen G. Grygiel and James P. McEvilly, of Grant & Eisenhofer, P.A., Wilmington, DE; Gerald H. Silk, Salvatore J. Graziano, Elliott J. Weiss, Mark Lebovitch, Brett M. Middleton and Noam Mandel, of Bernstein Litowitz Berger & Grossmann, LLP, New York City, of counsel, for Plaintiffs Louisiana Municipal Police Employees' Retirement System and The R.W. Grand Lodge of Free & Accepted Masons of Pennsylvania.
David C. McBride, Richard H. Morse, Bruce L. Silverstein, C. Barr Flinn, Rolin P. Bissell, James P. Hughes, Jr., John T. Dorsey, Christian Douglas Wright, John J. Paschetto, Elena C. Norman, Adam W. Poff, Dawn M. Jones, Michael W. McDermott, Andrew A. Lundgren, D. Fon Muttamara-Walker, Mary F. Dugan, Karen Lantz, Kristen Salvatore DePalma, Chad S.C. Stover and Jeffrey T. Castellano, of Young Conaway Stargatt & Taylor, LLP, Wilmington, DE, for Plaintiffs Express Scripts, Inc. and KEW Corp.
William M. Lafferty, R. Judson Scaggs, Jr., Thomas W. Briggs, Jr., John P. DiTomo, William E. Green, Jr. and Amaryah Kishpaugh, of Morris, Nichols, Arsht & Tunnell, LLP, Wilmington, DE; M. Robert Thornton, B. Warren Pope and Michael J. Cates, of King & Spalding, LLP, Atlanta, GA; Eric M. Roth, David Gruenstein, George T. Conway III, Jonathan E. Pickhardt, Jeffrey C. Fourmaux and Graham W. Meli, of Wachtell, Lipton, Rosen & Katz, New York City, of counsel, for Defendants the Caremark Directors; Kevin G. Abrams, of Abrams & Laster, LLP, Wilmington, DE, for Defendants Caremark Rx, Inc. and AdvancePCS.
Allen M. Terrell, Jr., Lisa A. Schmidt, Richard P. Rollo, Charles A. McCauley, III, Harry Tashjian, IV and Megan R. Wischmeier, of Richards, Layton & Finger, P.A., Wilmington, DE; Lawrence Portnoy, Thomas P. Ogden and Eric Halper, of Davis Polk & Wardwell, New York City, of counsel, for Defendant CVS Corporation.
Court of Chancery of Delaware, New Castle County.
OPINION
CHANDLER, Chancellor.
Delaware courts place great faith in the discernment and acumen of shareholders and directors. Only in extraordinary circumstances will this Court substitute its business judgment for that of directors, or usurp the rights of shareholders to make their own informed decisions. When, as here, plaintiffs seek to prevent shareholders from making a fundamental decision, they bear a heavy burden to persuade the Court that shareholders...
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