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IBEW LOCAL UNION 481 v. WINBORNE

C.A. No. 2022-0497-JTL.

301 A.3d 596 (2023)

IBEW LOCAL UNION 481 DEFINED CONTRIBUTION PLAN AND TRUST, Derivatively ON BEHALF OF GODADDY, INC., Plaintiff, v. Raymond E. WINBORNE, et al., Defendants, and GoDaddy, Inc., Nominal Defendant.

Court of Chancery of Delaware.

Date Decided: August 24, 2023.

Date Corrected: September 7, 2023.

Attorney(s) appearing for the Case

Joel Friedlander , Jeffrey M. Gorris , Christopher M. Foulds , FRIEDLANDER & GORRIS, P.A., Wilmington, Delaware; Randall J. Baron , Benny C. Goodman III , ROBBINS GELLER RUDMAN & DOWD LLP, San Diego, California; Gladriel Shobe , Jarrod Shobe , SHOBE & SHOBE LLP, Provo, Utah; Counsel for Plaintiff.

S. Mark Hurd , Alexandra M. Cumings , MORRIS, NICHOLS, ARSHT & TUNNELL LLP, Wilmington, Delaware; Jordan Eth , Philip T. Besirof , David J. Wiener , MORRISON & FOERSTER LLP, San Francisco, California; Counsel for Defendants and Nominal Defendant.

OPINION DENYING MOTION TO DISMISS

The defendants paid $850 million to settle a liability that the company contemporaneously valued on its audited financial statements at $175.3 million. The plaintiff contends that the directors breached their fiduciary duties by approving the payment in bad faith. They contend that the company...

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