Stellantis Shareholder Fraud Lawsuit Dismissed by U.S. Judge 
Henkel in Advanced Talks to Acquire Olaplex at $2 Per Share 
NAB Plans to Cut 170 Jobs While Expanding Offshore Operations 
CK Hutchison's Panama Ports Dispute Escalates as Arbitration Claims Surpass $2 Billion 
Novartis to Acquire Biotech Firm Excellergy in $2 Billion Deal 
Unilever and Magnum Face Defamation Lawsuit Over Ben & Jerry's Board Chair Dismissal 
Federal Judge Blocks Pentagon's Blacklisting of AI Company Anthropic 
Lynas Rare Earths Signs Vietnam Deal with LS Eco Energy to Boost Magnet Metal Production 
UBS Seeks Legal Protection Over Credit Suisse's Nazi-Era Banking Activities 
Valero Port Arthur Refinery Explosion Prompts $1M Lawsuit Over Worker Safety Negligence 
Nomura Upgrades PDD Holdings to Buy, Calls Stock Too Cheap to Ignore 
Brazil Meat Exports Weather Iran War Disruptions With Rerouted Shipments 
Will a new border deal with the US open a backdoor into Kiwis’ personal data? 
Palestinian Activist Leqaa Kordia Released from U.S. Immigration Detention After Judge's Order 
Brown-Forman and Pernod Ricard in Merger Talks to Create World's Largest Spirits Giant 
ICE Arrests Colombian Journalist in Tennessee, Trump Administration Says She Will Receive Due Process 
Judge Dismisses Sam Altman Sexual Abuse Lawsuit, But Sister Can Refile 
Delaware’s Supreme Court has overturned a $199.2 million damages award against Canadian pipeline giant TC Energy (NYSE: TRP), ruling it wasn’t liable for alleged misconduct in its $13 billion acquisition of Columbia Pipeline Group in 2016.
The case, brought by Columbia shareholders, claimed TC Energy enabled a reduced takeover price—from $26 to $25.50 per share—to allow Columbia’s former CEO Robert Skaggs and CFO Stephen Smith to receive lucrative “golden parachute” payouts. In May 2024, Delaware Chancery Court Vice Chancellor Travis Laster sided with shareholders, awarding them 50 cents per share, totaling nearly $200 million.
However, the Delaware Supreme Court’s unanimous decision, written by Justice Gary Traynor, stated that TC Energy could not be held liable without actual knowledge of the seller’s breach of fiduciary duty. Referencing its own precedent from a December 2024 ruling, the court said an acquirer must knowingly aid in such a breach to be held accountable.
Traynor noted the Chancery Court did not prove TC Energy had “actual knowledge” of Skaggs and Smith’s disloyal conduct or that Columbia’s board failed to properly oversee the sale. Without this, the court found TC Energy could not have knowingly participated in the wrongdoing.
Before trial, Skaggs and Smith reached a separate $79 million settlement with Columbia shareholders.
The overturned case, In re Columbia Pipeline Group Inc Merger Litigation, highlights evolving standards for proving liability in M&A-related fiduciary breaches. TC Energy and lawyers involved have not commented on the ruling.
The Supreme Court’s decision underscores the high bar required to prove aiding and abetting claims in corporate merger disputes, especially in Delaware, the leading jurisdiction for U.S. corporate law.
