Reuters reported that the Delaware Supreme Court found that Chancery Court judge Leo Strine was not out of line in ruling that Southern Copper Corp. (NYSE:SCCO) be paid about $2 billion by Grupo Mexico (OTC Pink:GMBXF) after overpaying for Minera Mexico.
As quoted in the market news:
The state’s highest court also affirmed a $304 million attorneys’ fee approved by the Court of Chancery for the lawyers representing the shareholders who brought the case, although one justice dissented.
The Supreme Court rejected the defendant’s main argument that Strine had overstepped his bounds by refusing to modify the trial scheduled to accommodate a witness from Goldman Sachs Group Inc, which had advised Southern Copper’s board.
The case focused attention on Strine, who handed down the judgment and the huge attorneys’ fee just months after becoming the court’s first new chief judge in 14 years.