Delaware Supreme Court Affirms $2 Billion 'Southern Peru Copper' Damages Award
Aug 28, 2012
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In Americas Mining Corporation the Delaware Supreme
Court affirmed the Court of Chancery's decision in the Southern
Peru Copper litigation in which the Court of Chancery awarded
damages of $2 billion and $300 million in attorneys' fees.
The Court also discussed the use of special committees and
minority stockholder approval as a means of shifting the burden of
proof in transactions involving conflicts of interest and
encouraged the use of such mechanisms as "integral parts of the
best practices that are used to establish a fair dealing
process." But it noted that the shift in the burden of proof
itself is only a "modest" benefit.
Mergers & Acquisitions Partners
Paul, Weiss, Rifkind, Wharton & Garrison LLP