The Delaware Senate has officially confirmed the nomination of Chancellor Leo Strine to be the next chief justice of the Delaware Supreme Court. As one commenter put it: "A new era of the Delaware judiciary has begun."
Since 2011, Judge Strine served as chancellor of the Delaware Court of Chancery, the preeminent arbiter of corporate matters, where he has left a deep imprint through his often-lengthy opinions, full of quotable comments and courtroom asides.
In one case, In re Southern Peru Copper Corp., he issued a 105-page decision in which he found in favor of the noncontrolling stockholders and approved a $1.26 billion award based on the court's own DCF analysis. Neither the merger process nor the price was fair, and the Southern Peru directors had breached their fiduciary duty of loyalty, he concluded.
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