Delaware Business Litigation Report

Supreme Court Upholds Southern Peru Case

Americas Mining Corporation v. Theriault, No.  29, 2012 (August 27, 2012) The Delaware Supreme Court has upheld the largest attorney fee award in Delaware history.  In doing so, the Court has squarely upheld the use of percentages to award fees out of the common fund created by the litigation and disclaimed the so-called "lodestar" approach. The decision is also noteworthy for its upholding of the Court of Chancery's damages award, also probably the largest in Delaware history. On September 27, 2012, the Supreme Court also denied a motion for reargument. The reargument opinin is noteworty bcaue it rejected te "look through" theory that the benefit confererd by a derivative suit should be limited to the interest in the corporation held by its the non-defendant stockholders. Share