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CITY OF PITTSBURGH v. CONWAY

C.A. No. 2022-0664-MTZ.

CITY OF PITTSBURGH COMPREHENSIVE MUNICIPAL PENSION TRUST FUND, directly on behalf of itself and all other similarly situated stockholders of THE CARLYLE GROUP INC. and derivatively on behalf of THE CARLYLE GROUP INC., Plaintiff, v. WILLIAM E. CONWAY, JR., DANIEL A. D'ANIELLO, DAVID M. RUBENSTEIN, PETER CLARE, JAMES H. HANCE JR., KEWSONG LEE, GLENN YOUNGKIN, ANTHONY WELTERS, LAWTON FITT, HELEN DOOLEY AS EXECUTOR FOR THE ESTATE OF JANET HILL, WILLIAM J. SHAW, DR. THOMAS S. ROBERTSON, CURTIS BUSER, JEFFREY FERGUSON, CHRISTOPHER FINN, THE CARLYLE GROUP MANAGEMENT L.L.C., THE CARLYLE GROUP INC., CARLYLE HOLDINGS I GP INC., CARLYLE HOLDINGS I GP SUB L.L.C., and CARLYLE HOLDINGS II GP L.L.C., Defendants, and THE CARLYLE GROUP INC., Nominal Defendant.

Court of Chancery of Delaware.

Decided: April 24, 2024.

Attorney(s) appearing for the Case

Joel Friedlander , Jeffrey M. Gorris , Christopher M. Foulds , FRIEDLANDER & GORRIS, P.A., Wilmington, Delaware; Christopher H. Lyons , Tayler D. Bolton , ROBBINS GELLER RUDMAN & DOWD LLP, Wilmington, Delaware; Randall J. Baron , Benny C. Goodman, III , Andrew W. Hutton , ROBBINS GELLER RUDMAN & DOWD LLP, San Diego, California; Gladriel Shobe , Jarrod Shobe , SHOBE & SHOBE, LLP, Provo, Utah, Attorneys for Plaintiff City of Pittsburgh Comprehensive Municipal Pension Trust Fund.

Blake Rohrbacher , Matthew D. Perri , Nicole M. Henry , Morgan R. Harrison , RICHARDS, LAYTON & FINGER, P.A., Wilmington, Delaware; Robert A. Van Kirk , John Williams , Tyler Infinger , Bryan Czako , William Donnelly , WILLIAMS & CONNOLLY LLP, Washington, DC, Attorneys for Defendants William E. Conway, Jr., Daniel A. D'Aniello, David M. Rubenstein, Peter Clare, James H. Hance Jr., Kewsong Lee, Glenn Youngkin, Lawton Fitt, Helen Dooley as executor for the estate of Janet Hill, William J. Shaw, Anthony Welters, Dr. Thomas S. Robertson, Curtis Buser, Jeffrey Ferguson, Christopher Finn, Carlyle Group Management L.L.C., Carlyle Holdings I GP Inc., Carlyle Holdings I GP Sub L.L.C., and Carlyle Holdings II GP L.L.C., and Defendant and Nominal Defendant The Carlyle Group Inc.

MEMORANDUM OPINION

The Carlyle Group LP ("Carlyle LP") was indirectly controlled by its three founders. After Carlyle LP went public as a publicly traded partnership in 2012, the founders and other pre-IPO investors (together, the "Private Unitholders") held equity in three subsidiary holding companies that they...

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