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iStar Wins Appeal in Class Action Derivative Suit
- Client News
- January 20, 2017
Paul, Weiss obtained an appellate victory on behalf of senior management of real estate investment trust iStar Inc. when Maryland's highest court upheld the intermediate court's dismissal of a putative derivative and class action.
In their complaint, shareholders alleged that, in 2011, iStar violated its long-term incentive plan when it modified financial awards granted to its senior management after the company failed to meet certain "performance-based" objectives. In its ruling, the Maryland Court of Appeals held that shareholders had not surmounted the presumption of the business judgment rule and had failed to state a direct, non-derivative claim for breach of contract or promissory estoppel, among other findings.
The Paul, Weiss team included litigation partners Daniel Kramer, Daniel Leffell and Craig Benson; and employee benefits partner Robert Fleder and counsel Reuven Falik.