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ARKANSAS TEACHER RET. SYSTEM v. CAIAFA

No. 530,2009.

996 A.2d 321 (2010)

ARKANSAS TEACHER RETIREMENT SYSTEM, Fire & Police Pension Association of Colorado, Louisiana Municipal Police Employees' Retirement System, Central Laborers Pension Fund, and Public Employees' System of Mississippi, Objectors Below, Appellants, v. Anthony CAIAFA and Ming Fang Li, Plaintiffs Below, Appellees, and Countrywide Financial Corp., Bank of America Corp., Defendants Below Appellees.

Supreme Court of Delaware.

Decided: May 21, 2010.

Attorney(s) appearing for the Case

Stuart M. Grant, Jay W. Eisenhofer, Michael J. Barry and Diane Zilka of Grant & Eisenhofer P.A., Wilmington, DE. Of Counsel: Blair A. Nicholas, Niki L. Mendoza, David A. Thorpe and Jon F. Worm of Bernstein Litowitz Berger & Grossman LLP, San Diego, CA; Lester L. Levy Carl L. Stine and Robert Plosky, Wolf Popper LLP, New York City, for appellants.

Pamela S. Tikellis, Robert J. Kriner, Jr. and Scott M. Tucker of Chimicles & Tikellis LLP, Wilmington, DE. Of Counsel: Steven J. Toll and Julie Goldsmith Reiser of Cohen Milstein Sellers & Toll PLLC; Jeffrey W. Golan and William J. Ban of Barrack, Rodos & Bacine, Philadelphia, PA, for appellees Anthony Caiafa and Ming Fang Li.

Thomas A. Beck, Richard P. Rollo and Scott W. Perkins of Richards, Layton & Finger, P.A., Wilmington, DE. Of Counsel: Eric M. Roth, Stephen R. DiPrima, Martin J.E. Arms and Graham W. Meli of Wachtell, Lipton, Rosen & Katz, New York City, for appellees Countrywide.

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

STEELE, Chief Justice:

Former Countrywide stockholder, Arkansas Teachers Retirement Systems, objected to the Vice Chancellor's approval of a settlement among a majority of Countrywide stockholders, Countrywide directors, and Bank of America, related to Countrywide's merger with BOA. TRS objected on the basis that the Vice Chancellor failed to value TRS's derivative claim pending in a companion Federal District Court action. The Vice Chancellor denied the objection...

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