Ehrenhaus v.Baker by General Court of Justice Superior Court Div. on 12/5/2009
While the Court determined that the Board did not breach its fiduciary duties and therefore denied the Plaintiff’s Motion to enjoin enforcement of the Share Exchange and Fiduciary Out provisions of the Merger Agreement, the Court invalidated the eighteen-month “tail” on redemption of the Wachovia preferred stock.
Green v. Condra by North Carolina Superior Court, Buncombe County on 8/14/2009
A demand letter in a shareholder derivative suit is adequate when it alleges facts that support derivative claims, even though the demand itself is purported as being based on individual claims. Alleging facts that show a Board’s bad faith actions adequately rebuts the deference afforded by the business judgment rule.
Edgewater Services, Inc. v. EPIC Logistics, Inc. by General Court of Justice Superior Court Division on 8/11/2009
MSJ on the following claims is denied based on the existence of a genuine issue of material fact: Misappropriate of Proprietary Confidential Info; Breach of K – Joint Venture Agreement; Tortious Interference w/ K; Interference w/ Prospective Economic Advantage; Defamation; Civil Conspiracy; Unfair and Deceptive Trade Practices; MSJ on Breach of K – Employment and Non-Compete Agreement’s Non-disclosure covenant.
MSJ on the following claims is granted: Trade Secrets Protection Act; Tortious Interference w/ K – Employment and Non-Compete Agmt.; and Punitive Damages
MSJ on Breach of K – Employment and Non-Compete Agmt. Is granted to the extent of breach of the non-competition and non-solicitation covenants