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KAHN v. KOLBERG KRAVIS ROBERTS & CO., L.P.

No. 436, 2010.

23 A.3d 831 (2011)

Linda Parnes KAHN and Alan Spiegal, Plaintiffs Below, Appellants, v. KOLBERG KRAVIS ROBERTS & CO., L.P., Henry R. Kravis, Kelly P. Conlin, Beverly C. Chell, Joseph Y. Bae, David A. Bell, Timothy D. Dattels, Meyer Feldberg, Perry Golkin, H. John Greeniaus, Thomas Uger and Dean B. Nelson, Defendant Below, Appellees, and Primedia, Inc., Nominal Defendant Below Appellee.

Supreme Court of Delaware.

Decided: June 20, 2011.

Attorney(s) appearing for the Case

Joseph A. Rosenthal and Jessica Zeldin , Rosenthal, Monhait & Goddess, P.A., Wilmington, Delaware. Of Counsel: James S. Notis , Gardy & Notis, LLP, Englewood Cliffs, New Jersey; Judith L. Spanier (argued), Abbey Spanier Rodd & Abrams, LLP, New York, New York; Harold B. Obstfeld , Harold B. Obstfeld, P.C., New York, New York for appellants.

Peter J. Walsh, Jr. , Kevin R. Shannon , and Meghan M. Dougherty , Potter Anderson & Corroon LLP, Wilmington, Delaware. Of Counsel: Gregory P. Joseph (argued), Mara Leventhal , and Sandra M. Lipsman , Gregory P. Joseph Law Offices LLC, New York, New York for the Special Litigation Committee of the Board of Directors of Primedia, Inc.

Anne Churchill Foster , Richards, Layton & Finger, Wilmington, Delaware for Nominal Defendant Primedia, Inc.

R. Judson Scaggs, Jr. , Morris, Nichols, Arsht & Tunnell, Wilmington, Delaware for appellees Kohlberg Kravis Roberts & Co., L.P., Joseph Y. Bae, Perry Golkin, Henry R. Kravis and Thomas Uger.

Martin S. Lessner , Young Conaway Stargatt & Taylor LLP, Wilmington, Delaware. Of Counsel: Adam Offenhartz , Gibson Dunn & Crutcher, New York, New York for appellees David Bell, Timothy Dattels, H. John Greeniaus, Kelly Conlin, Beverly Chell, Meyer Feldberg, and Dean Nelson.

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

STEELE, Chief Justice:

The Appellants in this derivative action, Linda Kahn and Alan Spiegal, who are shareholders of Primedia, Inc., appeal the Court of Chancery's decision granting the Primedia Special Litigation Committee's Motion to Dismiss claims arising out of a series of alleged violations of fiduciary duty by defendants, Kohlberg, Kravis, Roberts & Co., Primedia, Inc., and other Primedia officers and directors. Because we do not agree with the Court of...

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