This Week in Chancery Court: Diller’s IAC Deal in Match.com Case

Barry Diller‘s IAC seeks the Delaware Chancery Court’s approval for a $30 million settlement to resolve a dispute over its spin-off from Match Group Inc.—litigation that prompted a major overhaul of state laws pertaining to deals involving companies and controlling shareholders.

Here’s a look at that, plus what else is happening this week in Chancery Court and the Delaware Supreme Court:

Monday: MKE Holdings Ltd. v. Schwartz, Del. Ch., No. 2018-0729, trial 9/15/25.

At issue: Vice Chancellor Bonnie W. David will preside over a trial in which former managers and a private equity sponsor of Verdesian Life Sciences LLC face claims of fraud and breach of contract. The dispute stems from Paine Schwartz Partners LLC’s 2014 acquisition, through Verdesian, of Specialty Fertilizer Products LLC. The lawsuit was brought by two equity holders who received their stakes when they sold their companies to Verdesian. They claim Verdesian’s former managers failed to disclose important information about SFP’s financial condition and performance.

Court action: The five-day trial begins Monday in Georgetown, Del.

Verdesian, Paine Schwartz Will Face Fraud Claims in Delaware

Wednesday: In re Match Grp., Inc. S’holder Litig., Del. Ch., No. 2020-0505, settlement hearing 9/17/25.

At issue: Whether Vice Chancellor Morgan T. Zurn will approve the proposed cash settlement to resolve claims that investors were shortchanged in the spin-off of IAC from Match in 2019. The attorneys for the pension funds leading the litigation seek a fee award of $6.9 million, according to a brief. The Chancery Court threw out the funds’ case in 2022, but the Delaware Supreme Court revived it, finding that protections covering minority shareholders in a range of deals between a company and its controller should be preserved. Claims against Diller were dismissed after the lawsuit returned to the Chancery Court.

Court action: The settlement hearing will be held in Wilmington, Del.

Diller’s IAC in $30 Million Settlement Over Match.com Spinoff

Wednesday: SEIU Pension Plans Master Tr. v. Bain Cap. Inv. LLC, Del. Ch., No. 2024-1274, hearing 9/17/25.

At issue: Bain Capital LP seeks to exit a pension fund’s lawsuit alleging it exploited inside information to extract a $140 million windfall from Cerevel Therapeutics Holdings Inc. before its $8.7 billion sale to AbbVie Inc. Perceptive Advisors LLC affiliates who are also named as defendants support the motion to dismiss. Bain says the lawsuit doesn’t make sense. “The alleged self-dealing equity offering was materially dilutive to Bain’s and Perceptive’s investments in Cerevel. As a result, the equity offering reduced their proceeds in the AbbVie acquisition and cost them collectively tens of millions of dollars,” its brief said.

Court action: Oral arguments will be held in Wilmington, Del.

Bain Sued Over Cerevel Trades Before $8.7 Billion Sale to AbbVie

Wednesday: California Safe Soil LLC v. KDC Agribusiness LLC, Del., No. 78,2025, oral arguments 9/17/25.

At issue: The Chancery Court ruled in January that California Safe Soil LLC was owed $1.6 million in damages from a rival company for its theft of trade secrets about its process for recycling supermarket food waste into fertilizer and animal feed. The company has asked the Delaware Supreme Court to overturn the trial court’s damages calculation, arguing an award between $40.7 million and $138 million would better reflect the value of its proprietary food recycling process.

Court action: The Delaware Supreme Court hears oral arguments in Dover, Del.

Food Waste Recycling Firm Wins $1.6 Million in Trade Secret Suit