Via
Francis
Pileggi, we learn that the Delaware Supreme Court can now answer questions
from the SEC on Delaware corporate law. According to the
Wilmington
News Journal, the change "emerged out of a brainstorming session between
Delaware Supreme Court and Chancery Court judges and the SEC." The move required
a constitutional amendment.
In a blow to class-action lawyers, the U.S. Supreme Court today
threw
out a case alleging that phone companies had conspired to suppress
competition. The justices dismissed Twombly v. Bell Atlantic in a 7-2 decision
holding that the plaintiffs had not presented enough facts to support the
allegation. Attorneys for the plaintiffs had argued that they needed to conduct
discovery before they could produce the necessary facts.
Finally, a Delaware judge has rejected Harbinger Capital's
effort
to invalidate a January board election at Openwave Systems. The hedge fund had
argued that Openwave management was manipulating the proxy process in order to
retain control of the company. Full coverage is coming later on TheDeal.com and
in The Daily Deal. —The editors
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