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Court of Chancery Approves Option Back Dating Case Settlement

Posted In Directors

Ryan v. Gifford, C.A. 2213-CC (Del. Ch. Jan. 2, 2009)


In this decision the Court approves the settlement of a stock option back dating case. The opinion carefully goes through all the analysis of when to approve a settlement, particularly when the recovery is adequate under the circumstances.


The attorney fee award of $9,000,000 or about $1,100 per hour shows that contrary to some beliefs, the Court is prepared to award significant fees for hard, excellent work that achieves a good result.




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