Moelis & Co. partially lost its latest bid to end litigation challenging a web of contract clauses that give its billionaire founder control over its choice of CEO and other key decisions.
A Delaware judge, Vice Chancellor J. Travis Laster, in a split ruling on Friday granted summary judgment in favor of an institutional investor challenging a raft of items for which the company’s board must obtain chairman Ken Moelis‘s prior written approval before taking action, as well as other corporate stockholder agreement provisions relating to board size and the filling of vacancies.
“When market practice meets a ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.