This Week in Chancery Court: Hyzon Motors and Ukrainian Tycoons

The Delaware Chancery Court this week will consider a proposed settlement in a long-running challenge to the 2021 merger between Hyzon Motors Inc. and a blank-check company—but an objector from a related federal lawsuit may derail the accord.

Here’s a look at the court’s calendar:

Monday: Shulman v. Kolomoisky, Del. Ch., No. 2019-0678, oral arguments 9/29/25.

At issue: Two Ukrainian tycoons seek to dismiss the third iteration of a lawsuit claiming they stole $30 million from an investor, laundered hundreds of millions through an Ohio steel company, and stripped it for parts. The investor claims he only uncovered the full extent of the alleged fraud in 2019, when Ukraine’s PrivatBank filed similar allegations of fraud and money laundering against its former controllers, Igor Kolomoisky and Gennadiy Bogolyubov. PrivatBank, now controlled by the Ukrainian government, claims it’s a victim of the alleged fraud scheme. In July, a London court held Kolomoisky and Bogolyubov responsible for a fraud scheme that cost PrivatBank billions of dollars.

Court action: Oral arguments on motions to dismiss will be heard in Wilmington, Del.

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Friday: Malork v. Anderson, Del. Ch., No. 2022-0260, settlement hearing 10/3/25.

At issue: Whether Vice Chancellor Paul A. Fioravanti Jr. will approve a $8.8 million settlement proposed to resolve a class action claiming leaders and backers of the blank-check company that merged with Hyzon overstated the hydrogen-fuel-cell vehicle maker’s customer base and financial health. The investor’s attorneys seek a legal fee award of $1.76 million. Fioravanti dismissed Hyzon and former CEO Craig Knight as defendants in May, after the company declared bankruptcy. The lead plaintiff in a related federal class action objects to the proposed settlement, arguing the deal unfairly releases viable federal claims without providing adequate compensation.

Court action: A settlement hearing will be held in Wilmington, Del.

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Friday: OptimisCorp v. Atkins, Del. Ch., No. 2020-0183, oral arguments 10/3/25.

At issue: Vice Chancellor Morgan T. Zurn will hear post-trial arguments over how much three ex-directors of OptimisCorp should return from damages won on the physical therapy company’s behalf in arbitration proceedings against its former lawyer. The arbitration award totaled about $8.7 million. Zurn had already found that the directors breached their fiduciary duties when they withheld millions in damages from the arbitration award, and the sole issue considered in an April 2024 trial was the amount that should be returned. OptimisCorp argues the ex-directors should pay damages of $12.4 million, plus pre- and post-judgment interest and attorney’s fees and costs, while the defendants say they owe, at most, nominal damages.

Court action: Oral arguments will be held in Wilmington, Del.

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— This report was prepared with assistance from Bloomberg Automation.