Donovan Gibbons — Student and Faculty Blog of University of Denver Sturm College of Law

Posts tagged Donovan Gibbons

City Trading Fund v. Nye: Approval of Settlement Denied When Terms of Disclosure-Only Settlement Made Company and Its Shareholders Net Losers.

In City Trading Fund v. Nye, 2018 BL 44689, (Sup. Ct. Feb. 08, 2018), the Supreme Court of New York denied City Trading Fund’s (“Shareholder”) motion, on behalf of themselves and other similarly situated stockholders, for final approval of their settlement with Martin Marietta Materials, Inc. (“Company”), the Company’s individually named directors, and Texas Industries, Inc. (“Texas Industries”), after the Shareholder alleged the Company breached its fiduciary duties to stockholders by making material misstatements and omissions in the proxy materials provided to stockholders in preparation for a vote on the Company’s proposed merger with Texas Industries.