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CITIGROUP INC. v. AHW INV. PARTNERSHIP

No. 641, 2015.

140 A.3d 1125 (2016)

CITIGROUP INC., Charles Prince, Vikram Pandit, Gary Crittenden, Robert Rubin, Robert Druskin, Thomas G. Maheras, Michael Stuart Klein, and David C. Bushnell, Defendants Below-Appellants, v. AHW INVESTMENT PARTNERSHIP, MFS, Inc., and Angela H. Williams, as Trustee of the Angela H. Williams Grantor Retained Annuity Trust UAD March 24, 2006, The Angela Williams Grantor Retained Annuity Trust UAD April 17, 2006, The Angela Williams Grantor Retained Annuity Trust UAD May 9, 2006, The Angela Williams Grantor Retained Annuity Trust UAD November 1, 2007, The Angela Williams Grantor Retained Annuity Trust UAD May 1, 2008, The Angela Williams Grantor Retained Annuity Trust UAD July 1, 2008, and The Angela Williams Grantor Retained Annuity Trust UAD November 21, 2008, Plaintiffs Below-Appellees.

Supreme Court of Delaware.

Decided: May 24, 2016.

Attorney(s) appearing for the Case

Stephen P. Lamb, Esquire , Matthew D. Stachel, Esquire , Paul, Weiss, Rifkind, Wharton & Garrison LLP, Wilmington, Delaware; Brad S. Karp, Esquire , Walter Rieman, Esquire (Argued), Susanna M. Buergel, Esquire , Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, New York, for Appellants.

Kevin G. Abrams, Esquire , J. Peter Shindel, Jr., Esquire , Abrams & Bayliss LLP, Wilmington, Delaware; Steven F. Molo, Esquire , Robert K. Kry, Esquire , MoloLamken LLP, New York, New York; Jeffrey A. Lamken, Esquire (Argued), Hassan A. Shah, Esquire , MoloLamken LLP, Washington, D.C.; Jacob H. Zamansky, Esquire , Zamansky LLC, New York, New York, for Appellees.

Paul J. Lockwood, Esquire , Elisa M.C. Klein, Esquire , Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, Delaware; Jay B. Kasner, Esquire , Skadden, Arps, Slate, Meagher & Flom LLP, New York, New York, Amicus Curiae for Securities Industry and Financial Markets Association.

Thad J. Bracegirdle, Esquire , Wilks, Lukoff & Bracegirdle, LLC, Wilmington, Delaware; Alan L. Rosca, Esquire , Colin R. Ray, Esquire , Peiffer Rosca Wolf Abdullah Carr & Kane, Cleveland, Ohio, Amicus Curiae for Public Investors Bar Association.

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

I.

The U.S. Court of Appeals for the Second Circuit has certified to this Court the following question of law arising from an appeal from a decision issued by the U.S. District Court for the Southern District of New York:

Are the claims of a plaintiff against a corporate defendant alleging damages based...

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