Mootness Benefit Calculated Post-Trulia

In the recent decision of Louisiana Municipal Employees' Retirement System v. Black, C.A. No. 9410-VCN (Del. Ch. Feb. 19, 2016), the Delaware Court of Chancery awarded a mootness fee for disclosures and changes to deal protection measures in a failed merger.

By way of background, Plaintiff Louisiana Municipal Police Employees' Retirement System ("Plaintiff" or "LAMPERS") moved for an award of fees and expenses to its attorneys for their efforts in challenging Defendant Comcast Corp.'s attempt to acquire Defendant Time Warner Cable Inc. ("TWC"). LAMPERS accused TWC's board of directors (the "Board") of breaches of fiduciary duty based on the potential merger between Comcast and TWC that ultimately failed (the "Comcast Deal"); other defendants were sued for aiding and abetting those breaches.