Judgment In Favor Of Ashby & Geddes’ Clients Affirmed Under Caremark Standard

Finding that defendants’ appeal was “without merit,” the Delaware Supreme Court recently affirmed a $25 million judgment in favor of Ashby & Geddes’ clients inATR-Kim Eng Financial Corporation v. Carlos R. Araneta, et al., C.A. No. 489-VCS (Del. Ch. 2006) — marking the first time that a Delaware director has been held liable under the teachings of In re: Caremark International(Del. Ch. 1996). Our clients’ victory also included an award of attorneys’ fees and expenses against the principal defendant, who was found to have controlled the subject corporation and all aspects of the underlying litigation. (READ DECISION HERE ).