Dodd-Frank Litigation
Court Declines to Approve Settlement in Director Pay Suit
Employment, Executive Compensation, Litigation, Public Companies and Securities In Stein v. Blankfein et al the Delaware Court of Chancery considered a proposed settlement of litigation against directors of Goldman Sachs. The related complaint contained two counts for derivative relief for breach of fiduciary duties related to the payment of excessive compensation awards to non-employee directors and issuing stock-based awards that were void because […] Read more →
How to Read a MAC / MAE Clause
Litigation, M&A Akorn, Inc., v. Fresenius Kabi AG et al will undoubtedly become known as the first case where a Delaware court found a material adverse effect, or MAC (often referred to as a... Read more →
SEC Charges Hedge Fund with 13D Violation
Investment Advisers, Litigation, Private Equity, Public Companies and Securities The SEC charged a hedge fund sponsor that manages private funds and separately managed accounts focused on global distressed, special situations, and opportunistic investing with... Read more →
SEC Targets Perqs in Another Enforcement Action
Employment, Executive Compensation, Litigation, Public Companies and Securities The SEC has targeted disclosure of executive perquisites in another settled enforcement action. According to the SEC, the issuer did not follow the Commission’s standard... Read more →