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WEST PALM BEACH FIREFIGHTERS' PENSION FUND v. MOELIS & COMPANY

C.A. No. 2023-0309-JTL.

WEST PALM BEACH FIREFIGHTERS' PENSION FUND, on behalf of itself and all other similarly-situated Class A stockholders of MOELIS & COMPANY, Plaintiff, v. MOELIS & COMPANY, Defendant.

Court of Chancery of Delaware.

Decided: February 23, 2024.

Attorney(s) appearing for the Case

Thomas Curry , Taylor D. Bolton , SAXENA WHITE P.A., Wilmington, Delaware; David Wales , SAXENA WHITE P.A., White Plains, New York; Adam Warden , SAXENA WHITE P.A., Boca Raton, Florida; Counsel for Plaintiff.

John P. DiTomo , Miranda N. Gilbert , MORRIS, NICHOLS, ARSHT & TUNNELL LLP, Wilmington, Delaware; William Savitt , Anitha Reddy , Getzel Berger , Emma S. Stein , WACHTELL, LIPTON, ROSEN & KATZ, New York, New York; Counsel for Defendant.

OPINION ADDRESSING THE VALIDITY OF PROVISIONS IN A STOCKHOLDER AGREEMENT

What happens when the seemingly irresistible force of market practice meets the traditionally immovable object of statutory law? A court must uphold the law, so the statute prevails.

The immovable statutory object is Section 141(a) of the Delaware...

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