M&A Litigation: More and More Dysfunctional

, New York Law Journal


In hos Corporate Securities column, John C. Coffee Jr., the Adolf A. Berle Professor of Law at Columbia University Law School and Director of its Center on Corporate Governance, writes that empirical scholars of corporate law are uncovering a rapidly changing and depressing pattern in M&A litigation.

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  • Gerald-DE

    Although it may not be clear to those outside of Delaware, Chancellor Strine has quickly become an embarassment to the State in his less than two years leading the Chancery Court. His proposed "solution" of urging other state courts to apply the doctrine of forum non conveniens and stay their actions in favor of the Delaware Chancery reeks of self-interest and, unfortunately, is consistent with Strine's increasing activism and foray into Delaware public policy considerations that are not within his purview. Put simply, many in the Delaware legal community know that Strine has far too much power and influence, even to the extent of guiding and strong-arming other in the legislative process in certain areas of the law. Obviously, this is unacceptable, but no one in the State is willing to challenge him because, again, he has a significant amount of power (and is connected politically, beginning his career as counsel to a previous DE Governor) and is known for his vindictiveness. His demeanor and attitude on the bench are a marked departure from past Chancellors, and at times his invective makes him almost seem unhinged. He displays a lack of understanding of the actual, on-the-ground practice of law, since his actual legal career was extremely brief before moving into politics.

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