Wednesday, February 6, 2013
Apparently, Chancellor Strine's solutions to the multi-forum litigation question that he outlined in a recent paper co-authored with Prof. Larry Hamermesh and Matthew Jennejohn is not sitting well with judges in New York. According to a transcript reviewed by Reuters Justice Shirley Kornreich who is hearing litigation in the pending MYSE merger had the following response when she learned that there was competing litigation in Delaware:
"Who - please tell me it's not Chancellor Strine who has the Delaware cases?"
I guess the judges up in New York aren't fans of Strine's Delaware-first approach to shareholder litigation. Indeed, the Reuters piece by Tom Hals observes that Herman Cahn, now leading the NY case against the meregr, had previously been the NY judge in the 2007 Topps litigation that was the subject of a judicial tug-of-war. Strine ultimately won that match. Cahn is pretty clear that he's with Kornreich as she decides whether or not to put the NY case on hold in favor of the Delaware cases.