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Delaware Supreme Court Affirms $2 Billion 'Southern Peru Copper' Damages Award

Aug 28, 2012 

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.

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Paul, Weiss, Rifkind, Wharton & Garrison LLP