DIRS.INFO The most relevant business & tech news

☆ Wells Fargo, a juicy target, sparks lead counsel fight among shareholder firms
▼ + stars: | 2023-09-01 | by ( Alison Frankel | Thomson Reuters | Alison Frankel Has Covered High-Stakes Commercial Litigation As A Columnist For Reuters Since A Dartmouth College Graduate | ) www.reuters.com time to read: +7 min

Meanwhile, yet another plaintiffs' firm, Robbins, is deep into a similar derivative suit against Wells Fargo board members in San Francisco Superior Court. But it’s worth noting that in 2022, Wells Fargo won the dismissal of a previous shareholder derivative suit accusing the board of regulatory compliance failures. Kessler said its complaint, which includes "detailed" and "substantial" references to Wells Fargo internal documents, was more likely to withstand a dismissal motion from the bank. Scott + Scott told Tigar that it had the most up-to-date documents from Wells Fargo because it brought a Section 220 demand after the $3.7 billion CFPB agreement. I would not be surprised to see a rival derivative suit filed in Delaware Chancery Court by one of the shareholder firms spurned by Tigar.

Persons: Cromwell, Wells Fargo, Wells, Robbins Geller Rudman, Dowd, Kessler Topaz Meltzer, Scott, Scott –, They're, Jon Tigar, Robbins, Wells Fargo’s, Kessler Topaz, Kessler, Robbins Geller, Tigar, Robbins Geller didn’t, Randall Baron, board's, Andrew Cheng, Read Organizations: Sullivan, U.S . Consumer Financial Protection Bureau, U.S . Office, Currency, OCC, Wells, U.S, District, San Francisco Superior Court, Tigar, Wells Fargo, San Francisco, Thomson, Reuters Locations: Oakland, Wells Fargo, San Francisco, Wells, San, California, Delaware Chancery

Musk was the biggest shareholder in both companies at the time of the deal and Tesla shareholders alleged he pushed the carmaker's board into the deal to bail out the billionaire's investment in the struggling rooftop solar company. The state's highest court said that while a judge on the Delaware Court of Chancery erred in some portions of his analysis, his overall premise still supported his determination that Tesla paid a fair price for SolarCity. They also argued that Slights determined after a 10-day trial in 2021 that Musk meddled in the deal but failed to hold him liable. Shareholders wanted to force Musk to return the Tesla stock he received in the takeover, which at one point was worth $13 billion. The Delaware Supreme Court said that the Slights' ruling was not "pitch perfect" but did not have to be and noted the "total collapse" of the shareholders' theory that SolarCity was insolvent.

Persons: Elon Musk, Musk, Tesla, Randall Baron, Joseph Slights, SolarCity, Slights, Tom Hals, Mark Porter Organizations: Tesla, Delaware Supreme, Shareholders, Thomson Locations: SolarCity, Delaware, Wilmington , Delaware

Elon Musk's Twitter profile is seen on a smartphone placed on printed Twitter logos in this picture illustration taken April 28, 2022. "I'll guess we'll just cancel this deposition," Baron responded. Twitter declined to comment and Musk's legal team did not immediately respond to a request for comment. The Twitter deposition atmosphere could be especially fraught. Tripp's attorney reminded Musk that the judge warned he would oversee the deposition in person if questions weren't answered properly.

Search resuls for: "Randall Baron"

3 mentions found