This Week in Chancery Court: Trump, Truth Social Deal Lawsuit

President Donald Trump‘s attorneys will argue this week before the Delaware Chancery Court that presidential immunity precludes a lawsuit brought by the co-founders of his social-media platform, Truth Social.

Also this week is Vice Chancellor Bonnie W. David’s formal investiture. David was sworn in as the court’s newest vice chancellor in January; the investiture ceremony will be held Friday at the Kent County Courthouse in Dover, Del.

Here are more highlights from the court’s calendar:

Monday: In re TS Innov. Acquisitions Sponsor, LLC S’holder Litig., Del. Ch., No. 2023-0509, bench ruling 5/12/25.

At issue: At a settlement hearing in March, Vice Chancellor Lori W. Will ordered the distribution of a supplemental notice alerting class members about the need to submit proofs of claim under a proposed $29.75 million deal to resolve a challenge to the public listing of smart lock maker Latch Inc. Tishman Speyer Properties LP affiliates, billionaire developer Jerry Speyer, and other architects of Latch’s blank-check transaction would fund part of the settlement through their insurers, while the company also covers a portion. Will needs to approve the proposal, as well as a $7 million fee award sought by the attorneys representing the lead plaintiffs.

Court action: Will has scheduled a teleconference to deliver a bench ruling.

Tishman Speyer’s Latch Inc. SPAC Settlement Is Worth $30 Million

Monday: N.Y. City Emps. Ret. Sys. v. Byrne, Del. Ch., No. 2025-0126, hearing 5/12/25.

At issue: The lead plaintiff in a lawsuit alleging Paramount Global investors are getting shortchanged in its merger with Skydance Media LLC seeks to intervene in separate litigation brought by New York City’s public pension funds trying to invalidate sections of the deal. The New York pension funds and the defendants, including Paramount and Skydance, oppose the motion for leave to intervene.

Court action: Chancellor Kathaleen St. Jude McCormick will hold a hearing via teleconference.

Paramount’s Last-Minute Bidder Defends Financing Claims in Court

Tuesday: Ky. Downs Mgmt., Inc. v. Ky. Downs, LLC, Del. Ch., No. 2021-0251, trial 5/13/25.

At issue: The ex-owners of the Kentucky Downs racetrack sued the track’s buyers in 2021 to recover $10 million allegedly owed to them in the deal pending litigation over gambling on “historical horse racing,” which resembles slot machine betting. Vice Chancellor Nathan A. Cook denied the parties’ cross-motions for summary judgment last August. Cook will now preside over a trial on the paper record.

Court action: A half-day trial will proceed in Wilmington, Del.

Kentucky Downs Ex-Owners Stiffed After Racetrack Sale, Suit Says

Wednesday: Miller v. Twenty Lake Holdings, LLC, Del. Ch., No. 2025-0010, hearing 5/14/25.

At issue: Affiliates of Alden Global Capital LLC, one of the largest US newspaper owners, seek to narrow claims brought by a former real estate manager who alleges they’re trying to push him out. The lawsuit targets multiple entities spun off from the investment firm to consolidate buildings and other property assets it gained in connection with its print media acquisitions. Twenty Lake Holdings LLC says the plaintiff is “a disgruntled former employee” seeking “an inflated valuation for certain equity interests he received during his tenure,” according to a brief. Joseph Miller, the former manager, says it’s too early for the court to decide his implied covenant claims lack merit.

Court action: Oral arguments on the motion to dismiss will be heard in Wilmington, Del.

Alden Global Affiliates Sued by Ex-Property Manager (CORRECT)

Thursday: United Atlantic Ventures v. Trump Media, Del. Ch., No. 2024-0184, hearing 5/15/25.

At issue: Trump and two Trump Media & Technology Group Corp. board members, FBI Director Kash Patel and ex-Republican Congressman Devin Nunes, argue that “temporary presidential immunity” applies to them in the lawsuit filed in February 2024. “The Third Amended Complaint fails to state a claim and should be dismissed with prejudice, but the U.S. Constitution takes precedence,” and a stay is at least warranted to avoid “any form of lawfare” that interferes with the president’s constitutional obligations, Trump and his co-defendants said in a brief. The co-founders argue the court “should conclude that the assertion of presidential immunity is simply another attempt to obfuscate and delay this matter.”

Court action: A hearing on motions to dismiss will be held in Wilmington, Del.

Trump Wants Truth Social Deal Lawsuit Put on Hold Over Immunity