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Court Of Chancery Awards $1.263 Billion In Damages

Posted In Fiduciary Duty

In re Southern Peru Copper Corporation Shareholder Derivative Litigation,  C.A. 961-CS (October 14, 2011)

This is the largest monetary award in the history of the Court of Chancery, $1.263 Billion plus interest.  Indeed, except for 1 other case decided outside of Delaware, it may be the largest breach of fiduciary duty case anywhere else.  It certainly should end the claim that the Delaware courts always favor management.

The decision is particularly instructive about how a special negotiating committee should conduct or not conduct itself.  For that reason alone it is required reading for anyone who cares about such things.