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Clients with major transactions routinely face shareholder and other litigation seeking to block or enforce a deal. As experienced and business-savvy litigators, we are able to fend off many such cases, often breaking new legal ground in the process.

 

Paul, Weiss Wins Dismissal of Shareholder Suit Against Dominion Diamond Corporation

Paul, Weiss won the dismissal, with prejudice, of a putative shareholder class action against our client Dominion Diamond Corporation and its board of directors.

The plaintiff, a shareholder of Canada-based Dominion, brought a putative class action against Dominion in September 2017, asserting claims for negligent misrepresentation, breach of fiduciary duty and quasi-appraisal arising out of Dominion’s $1.2 billion acquisition by The Washington Companies. In his complaint, filed in the Commercial Division of New York Supreme Court, the shareholder alleged that certain aspects of Dominion’s information circular—which had been filed under Canadian securities laws—was incomplete and materially misleading. In granting the motion to dismiss plaintiff’s claims, Justice Saliann Scarpulla agreed that the Court lacked personal jurisdiction over the defendants. 

The Paul, Weiss team included litigation partner Andrew Gordon; and corporate partner Adam Givertz.

May 14, 2019

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