In Re First Interstate Bancorp Consolidated Shareholder Litigation

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• granting a motion to dismiss upon rejecting conclusory allegations that side transactions affected the terms of a merger agreement
• “The doctrine of judicial estoppel precludes a party “from asserting in a legal proceeding, a position inconsistent with a position previously taken by him in the same or in an earlier proceeding.”
• “Upon the effective date of a merger or consolidation, all assets of the merged corporation, including any causes of action that may exist on its behalf, pass to the surviving corporation by operation of law.”
• “Delaware law is well-settled that claims arising from transactions involving corporate assets that allegedly operate to reduce the consideration received by stockholders in a merger are, in the absence of [special] circumstances . . . derivative in nature.”

Source: CourtListener parenthetical corpus (CC0).