Jack Dorsey, Block Board Win Appeal of Jay-Z Deal Litigation

Leaders of Block Inc., including billionaire founder Jack Dorsey, won an appeal in Delaware ending shareholder litigation over the company’s $237 million deal with Jay-Z for a majority stake in music streaming service Tidal.

The state’s top court ruled Wednesday for Dorsey—co-founder of the former Twitter Inc.—and other board members at the payments company, including former Treasury Secretary Larry Summers. The one-page decision upheld a ruling by Chancellor Kathaleen St. J. McCormick, who rejected claims that the board was driven by conflicts of interest to approve the ill-fated 2021 transaction.

McCormick, chief judge of Delaware’s Chancery Court—the leading US ...