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SCHULTZ v. GINSBURG

No. 341, 2008.

965 A.2d 661 (2009)

William SCHULTZ, et al., Objectors-Below Appellants, v. Chuck GINSBURG, and Philadelphia Stock Exchange, Inc., Meyer S. Frucher, John F. Wallace, I. Isabelle Benton, Daniel Bigelow, Kevin J. Kennedy, Kevin Carroll, Christopher R. Carter, Michael J. Curcio, Albert S. Dandridge, III, Peter C. Erichsen, Wyche Fowler, Jr., Isaac C. Hunt, Jr., Eleanor W. Myers, Daniel B. O'Rourke, Constantine Papadakis, Charles P. Pizzi, Larry L. Pressler, Gene Sperling, William Stallkamp, Wendy S. White, Citadel Derivatives Group LLC, Merrill Lynch, Pierce, Fenner & Smith, Inc., Credit Suisse First Boston Next Fund, Inc., Citigroup Financial Products, Inc., Morgan Stanley & Co., Inc., and UBS Securities, LLC, Defendants Below.

Supreme Court of Delaware.

Decided: February 3, 2009.

Attorney(s) appearing for the Case

Michael J. Maimone (argued) and Titania Mack Parker, Greenberg Traurig, LLP, Wilmington, Delaware, for appellants.

Joseph A. Rosenthal, Jessica Zeldin and Lawrence Deutsch pro hac vice (argued), Rosenthal, Monhait & Goddess, P.A., Wilmington, Delaware, for appellee.

Before STEELE, Chief Justice, HOLLAND, BERGER, JACOBS and RIDGELY, Justices, constituting the court en banc.

STEELE, Chief Justice.

Chuck Ginsberg, a stockholder in the Philadelphia Stock Exchange (PHLX), filed a class action alleging a Charter Violation and Economic Dilution in the Court of Chancery against the PHLX, its Board, and the Strategic Investors.1 The parties settled on the eve of trial, but several groups of PHLX shareholders objected to the settlement.

The Chancellor determined that the settlement was fair and reasonable...

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