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LORAL SPACE, INC. v. HIGHLAND CRUSADER, LP

No. 623, 2008.

977 A.2d 867 (2009)

LORAL SPACE & COMMUNICATIONS INC. and Michael B. Targoff, Defendants Below, Appellants, v. HIGHLAND CRUSADER OFFSHORE PARTNERS, L.P., The Class Representative, and The Class, Plaintiffs Below, Appellees.

Supreme Court of Delaware.

Decided: July 23, 2009.

Attorney(s) appearing for the Case

Christopher D. Loizides Esquire, Loizides, P.A., Wilmington, DE, for Defendant-Below, Appellant Loral Space & Communications Inc.

Brett D. Fallon, Esquire, Fotini A. Antoniadis, Esquire, Morris James, LLP, Wilmington, for Defendant-Below, Appellant Michael B. Targoff.

Of Counsel: Jay P. Lefkowitz, Esquire (argued), Eric F. Leon, Esquire, Matthew Solum, Esquire, Kirkland & Ellis, LLP, New York City; Leonard A. Rodes, Esquire, Trachtenberg Rodes & Friedberg, LLP, New York City, for Defendants-Below, Appellants.

Kevin G. Abrams, Esquire, J. Travis Laster, Esquire (argued), T. Brad Davey, Esquire, Eric D. Selden, Esquire, Abrams & Laster, LLP, Wilmington, DE, for Plaintiffs-Below, Appellees.

Before BERGER, JACOBS and RIDGELY, Justices.

BERGER, Justice:

In this appeal we consider whether the Court of Chancery abused its discretion in awarding significant attorneys' fees to stockholders' class counsel in a corporate case. Before reaching the fee award, however, we must address appellants' contention that the trial court erred in allowing this matter to proceed as both a class and derivative action. Appellants suggest that, where the facts would support both types of claims, stockholders must pursue...

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