Ross Aronstam & Moritz Helps Secure Reversal of $350 Million Judgment Against an Acquirer for Aiding and Abetting Breaches of Fiduciary Duty by Target Fiduciaries
Ross Aronstam & Moritz, together with Mayer Brown and Young Conaway, successfully secured a decision from the Supreme Court of Delaware reversing a judgment of $350 million against TC Energy Corp. for aiding and abetting breaches of fiduciary duty by fiduciaries of Columbia Pipeline Group in connection with TC Energy’s $13 billion acquisition of Columbia. The Supreme Court’s 100-page opinion provides significant guidance on the critical issue of potential liability of acquirors for aiding-and-abetting breaches by target fiduciaries.
For their work, Ross Aronstam & Moritz, Mayer Brown and Young Conaway were recognized by The American Lawyer as runners-up in its “Litigators of the Week” and by Law360 as “Legal Lions.”
The Ross Aronstam & Moritz team, which was retained for purposes of the appeal, consisted of David Ross, Michael Sirkin, Roger Stronach and Tom Barr.
