Intel’s Sale of 10% Stake to US Challenge Moves to Federal Court

US Commerce Secretary Howard Lutnick contends the lawsuit contesting Intel Corp.'s sale of a 10% stake to the federal government belongs in a district court, not Delaware’s Chancery Court.

The US Department of Commerce removed a derivative lawsuit from the Delaware court to the US District for the District of Delaware on Friday, according to a removal notice.

The suit, filed by Intel shareholder Richard D. Paisner in March, asserts the company’s partial acquisition by the US government is illegal and amounts to an “extortionary” seizure on the orders of President Donald Trump. Paisner said the sale is ...