This Week in Chancery Court: Lutnick’s Newmark Bonus Settlement

The Delaware Chancery Court will decide this week whether to approve a settlement that would resolve over a $50 million bonus awarded to US Commerce Secretary Howard Lutnick when he was chairman of the Newmark Group Inc.

Here are the highlights from a light, late-summer court calendar:

Wednesday: In re: Newmark Grp. Derivative Litig., Del. Ch., No. 2022-0687, settlement hearing 8/13/25.

At issue: Whether Vice Chancellor Bonnie W. David will approve a $50 million cash settlement proposed to resolve litigation over the bonus awarded by Newmark’s board to Lutnick, who’s also the former CEO of Cantor Fitzgerald LP. The bonus was tied to shares of the Nasdaq stock-trading platform Newmark acquired in 2017, and Newmark shareholders argued Lutnick didn’t deserve it because the deal hadn’t boosted the commercial real estate advisory firm’s value. Lutnick agreed to step down from Cantor and Newmark when he became the Commerce Secretary earlier this year. Attorneys for the shareholders leading the derivative lawsuit seek a $12.5 million fee award, while Newmark argues a $7.5 million fee award would be more reasonable.

Court action: A settlement hearing will be held in Georgetown, Del.

Cantor’s Lutnick Settles Suit Over $50 Million Newmark Bonus (1)

Wednesday: Goldenberg v. Immunomedics, Inc., Del. Ch., No. 2020-0523, oral arguments 8/13/25.

At issue: A single breach of contract claim remains to be resolved in a long-running dispute between Immunomedics Inc. and its founder, Dr. David M. Goldenberg. A November 2023 settlement ended other claims, but Goldenberg still seeks 1.5% of Immunomedics’ annual net revenue for the fiscal years 2020 through 2023. After a three-day trial in June, Vice Chancellor J. Travis Laster now hears post-trial arguments, in which Goldenberg says there’s no basis for the court to decline to enforce the contract terms as written.

Court action: Post-trial arguments will be heard in Wilmington, Del.

Immunomedics Must Face Suit Over Founder’s Severance, Settlement