Court Of Chancery Denies Fee Request for Lack Of Causation
In re TPC Group Inc. Shareholders Litigation, C.A. 7865-VCN (October 29, 2014)
This is the latest in a series of decisions dealing with the claims of plaintiff stockholders for an attorneys' fee based on improved consideration received in a merger after the stockholders filed suit. The argument is that the pendency of the suit contributed to upping the merger price. While the burden of proving there was no connection between the suit and the bump up is on the company, here that burden was met and the fee petition was denied.