CORWIN v. KKR FINANCIAL HOLDINGS LLC

No. 629, 2014.

125 A.3d 304 (2015)

Robert A. CORWIN, Margaret Demauro, Eric Greene, Pipefitters Local Union No. 120 Pension Fund, and Pompano Beach Police & Firefighters' Retirement System, Plaintiffs Below-Appellants, v. KKR FINANCIAL HOLDINGS LLC, Tracy Collins, Robert L. Edwards, Craig J. Farr, Vincent Paul Finigan, Jr., Paul M. Hazen, R. Glenn Hubbard, Ross J. Kari, Ely L. Licht, Deborah H. McAneny, Scott C. Nuttall, Scott Ryles, Willy Strothotte, KKR & Co. L.P., KKR Fund Holdings L.P., and Copal Merger Sub LLC, Defendants Below-Appellees.

Supreme Court of Delaware.

Decided: October 2, 2015.


Attorney(s) appearing for the Case

Stuart M. Grant, Esquire (Argued), Mary S. Thomas, Esquire , Bernard C. Devieux , Esquire, Grant & Eisenhofer P.A., Wilmington, Delaware; Mark Lebovitch, Esquire , Jeroen van Kwawegen, Esquire , Adam Hollander, Esquire , Bernstein Litowitz Berger & Grossmann LLP, New York, New York, for Appellants.

Garrett B. Moritz, Esquire , Eric D. Selden, Esquire , Ross Aronstam & Moritz LLP, Wilmington, Delaware; Gregory P. Williams, Esquire , Richards Layton & Finger, P.A., Wilmington, Delaware; William Savitt (Argued), Esquire , Ryan A. McLeod, Esquire , Nicholas Walter , Esquire, Wachtell, Lipton, Rosen & Katz, New York, New York, for Appellees.

Before STRINE, Chief Justice; HOLLAND, VALIHURA, VAUGHN, Justices; and RENNIE, Judge, constituting the Court en Banc.


In a well-reasoned opinion, the Court of Chancery held that the business judgment rule is invoked as the appropriate standard of review for a post-closing damages action when a merger that is not subject to the entire fairness standard of review has been approved by a fully informed...

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