Warner Bros. Discovery Inc. CEO David Zaslav will ask the Delaware Chancery Court this week to dismiss a pension fund’s lawsuit alleging that public investors got shortchanged in a restructuring that secured billionaire John Malone’s control over Sirius XM Holdings Inc.
Here are the highlights from this week’s court calendar:
Tuesday: In re SwervePay Acquisition LLC, Del. Ch., No. 2021-0447, post-trial arguments 6/24/25.
At issue: Chancellor Kathaleen St. Jude McCormick hears closing arguments in a case over allegations of fraud in the $10 million deal for acquisition of SwervePay LLC’s payment facilitator technology in 2020. Former top executives at SwervePay faced off with Blue Star Innovation Partners GP LLC and New Mountain Capital LLC, the buyers in the deal, at trial in October over claims related to post-closing earnout payments. The buyers assert that the sellers misrepresented the stability of SwervePay’s relationship with its most important vendor, and they missed post-merger milestones. The sellers contend that “SwervePay negotiated with Buyers in full candor.”
Court action: Post-trial arguments will be held in Wilmington, Del.
Blue Star, New Mountain Sued for Fraud by SwervePay Ex-Leaders
Friday: Fishel v. Liberty Media Corp., Del. Ch., No. 2024-1057, oral arguments 6/27/25.
At issue: Malone, who’s also named as a defendant in the pension fund’s lawsuit, partially joined Zaslav’s motion to dismiss. Two members of a special committee of Sirius’s board also have asked the court to toss the litigation. WBD isn’t named as a defendant in the lawsuit targeting Malone, his Liberty Media Corp. conglomerate, Zaslav, and other Sirius board members at the time of the disputed transactions. The investors say the court should decline the defendants’ “invitation to parse subtheories or elements of an otherwise viable (and quintessential) direct claim.”
Court action: Oral arguments on the motions to dismiss will be held in Wilmington, Del.
David Zaslav, ‘Cable Cowboy’ Malone Sued Over SiriusXM Reshuffle
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