Court Of Chancery Clarifies When To Share A Fee Award
In Re Orchard Enterprises Inc. Stockholder Litigation, C.A. No. 7840-VCL (August 22, 2014)
Frequently both an appraisal action and a breach of fiduciary duty action proceed on parallel tracks. When both obtain a recovery, the question arises of whether an attorney fee award in the fiduciary action should be split with the lawyers in the appraisal action. This decision says "no," at least based on the facts of this case where the appraisal parties did not attempt to act for the stockholders who did not seek appraisal.