Writing in The Deal, David Marcus sums up State Supreme Court Justice Jack Jacobs' June 8 opinion in the Walt Disney Co. shareholder litigation this way: It showed that the ferment in the state's corporate law following the 2002 passage of Sarbanes-Oxley has abated in favor of Delaware's historic deference to corporate decision making absent a showing of bad faith or clear conflict of interest. The 89-page ruling for a unanimous court, Marcus reports, concluded a lawsuit over Disney's $140 million severance payment to former executive Michael Ovitz that lasted for almost a decade and gained considerable attention both from those curious about Hollywood's inner workings and from lawyers focused on changes in corporate governance standards.

But if the pendulum has really swung, what next? Folks in the Los Angeles area can get a sense of what lies ahead by attending the UCLA M&A First Monday Forum on June 26. A panel of corporate litigators, including attorneys that tried the case (Gregory Williams, Stephen Alexander and Mark Epstein), will discuss the recent Delaware Supreme Court decision and the implications of the decision. — Kenneth Klee

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