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iStar Wins Dismissal of Class Action Derivative Suit
- Client News
- October 30, 2014
Paul, Weiss obtained a victory on behalf of the senior management of iStar Financial Inc., a real estate investment trust, when Judge Pamela White of the Baltimore City Circuit Court issued an order granting our motion to dismiss a putative class action on behalf of iStar shareholders. In the complaint, 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. Judge White dismissed the complaint, with prejudice, holding that plaintiffs had not surmounted the presumption of the business judgment rule, and that plaintiffs had failed to identify any provision in the plan which affirmatively prohibited the company from modifying compensation awards.
The Paul, Weiss team representing iStar management included litigation partners Daniel Kramer, Daniel Leffell, who argued the motion, and Craig Benson; and employee benefits partner Robert Fleder and counsel Reuven Falik.