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iStar Wins Dismissal of Class Action Derivative Suit
- Client News
- January 28, 2016
Paul, Weiss obtained a victory on behalf of the senior management of iStar Inc., a real estate investment trust, when a three-judge panel of the Maryland Court of Special Appeals affirmed the dismissal of a putative derivative and class action on behalf of iStar shareholders. In the complaint, the plaintiffs alleged that iStar had improperly modified financial awards granted to its senior management in 2011 after the company had failed to meet certain "performance-based" objectives, in purported violation of the company's long-term incentive plan. The appellate court affirmed the lower court's dismissal, holding, among other things, that the plaintiffs had not surmounted the presumption of the business judgment rule and had failed to identify any provision in the plan that prohibited the company from modifying compensation awards.
The Paul, Weiss team included litigation partners Daniel Kramer, Daniel Leffell, who argued the appeal, and Craig Benson; and employee benefits partner Robert Fleder and counsel Reuven Falik.