Attorneys for billionaire dealmaker Ken Moelis will argue before the Delaware Supreme Court this week to overturn a landmark Chancery Court ruling that prompted contentious legislative debate and new corporate law amendments last year.
Here’s a look at the courts’ calendars:
Wednesday: Moelis & Co. v. West Palm Beach Firefighters’ Pension Fund, Del., No. 340,2024, oral arguments 5/7/25.
At issue: The Chancery Court in February 2024 invalidated a popular type of stockholder pact, prompting lawmakers to swiftly enact changes that effectively overturned that decision. The new corporate law amendments didn’t apply, however, to the litigation that upended the stockholder agreement granting Moelis extensive veto rights at the investment bank he founded. Moelis and the bank have appealed Vice Chancellor Laster’s ruling and the $6 million in legal fees awarded to the attorneys representing the pension fund that led the case.
Court action: The Delaware Supreme Court holds oral arguments in Dover, Del.
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Wednesday: Murphy v. Mar. Expl. Inc., Del. Ch., No. 2025-0031, teleconference 5/7/25.
At issue: A merger involving the wreck of the Whydah Gally, a slave ship captured by pirates that sank in 1717, was ordered unwound by the Chancery Court in May 2024. A minority shareholder then sought internal books and records from underwater explorer Barry Clifford’s Maritime Explorations Inc., alleging the previous litigation indicated the company’s leaders mismanaged assets, obscured their financial dealings, and withheld information about the results of excavations of the shipwreck. Senior Magistrate in Chancery Selena E. Molina presided over a half-day trial in March , and she will now deliver a ruling on the demand for documents.
Court action: Molina will deliver a bench ruling via teleconference.
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Wednesday: In re Lottery.com Inc. S’holders Litig., Del. Ch., No. 2023-0395, settlement hearing 5/7/25.
At issue: An investor’s 2022 lawsuit alleges the architects of Lottery.com Inc.'s blank-check merger misled shareholders into approving a “catastrophic” deal with a lopsided structure that gave them a windfall no matter what happened. With the court’s OK, claims against the backers of Trident Acquisition Corp., the special purpose acquisition company that combined with the former AutoLotto Inc. to take it public as Lottery.com, will be resolved with a $2.6 million settlement. The accord also would provide the plaintiffs with an “extensive document discovery,” according to a proposal awaiting approval from Vice Chancellor Morgan T. Zurn. Deal adviser Chardan Capital Markets LLC, which is named as a defendant, opposes the proposed settlement. Other claims in the litigation remain pending.
Court action: A settlement hearing will be held in Wilmington, Del.
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