In re Southern Peru Copper: Court of Chancery Grants $1.263 Billion Award in Fiduciary Duty Case with Controlling Stockholder | Practical Law
The Delaware Court of Chancery in In re Southern Peru Copper Corp. Shareholder Derivative Litigation issued a decision in which it held that Southern Peru's controlling stockholder defendants breached their fiduciary duty of loyalty in Southern Peru’s acquisition of the controlling stockholder's subsidiary. In finding that the transaction failed the entire fairness standard of review, the damages granted in this case represent one of the largest awards handed down by the Court of Chancery to date.