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The Paul, Weiss Litigation Department is led by a team of the country’s most accomplished trial lawyers. Our litigators in New York, San Francisco and Washington, D.C. handle the most complex and demanding lawsuits, class actions, government investigations, criminal prosecutions and restructurings. Our clients include Fortune 50 corporations and other prominent companies in the financial services, investment, medical device, pharmaceutical, sports, technology, energy, media and insurance industries. Every day, we are called on by chief executives, board chairs, general counsel, investors and entrepreneurs for our unmatched trial skills, sophisticated business judgment and renowned strategic advice.
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.