The Paul, Weiss Litigation Department is led by a team of the country’s most accomplished trial lawyers. Our litigators 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.
Paul, Weiss Achieves Victory for Barnes & Noble Directors
- Client News
- July 9, 2014
Paul, Weiss achieved a major victory for its clients, various outside directors of Barnes & Noble Corporation, when the New York Supreme Court, New York County granted its motion to dismiss plaintiff David Shaev Profit Sharing Account's amended shareholder derivative complaint with prejudice. Plaintiff claimed that the board of directors breached its fiduciary duties of loyalty, good faith, and candor by facilitating the continuance of inadequate internal controls and issuing allegedly misleading statements related to such controls, costing Barnes & Noble millions of dollars. Applying Delaware's Rales test, Justice Melvin Schweitzer held that the plaintiff failed to plead demand futility with sufficient specificity and dismissed the amended complaint with prejudice.
The Paul, Weiss team representing defendants George Campbell Jr., William Dillard II, David G. Golden, Patricia L. Higgins and David A. Wilson included litigation partner Allan Arffa. Corporate partner Bob Schumer provided valuable corporate guidance.
