Block’s board may have made a bad deal when it acquired music streaming company Tidal, but that’s its right without evidence of bad faith, Chancellor Kathaleen McCormick decided Tuesday.
McCormick’s opinion dismissed derivative claims brought against Block and its board by the plaintiff shareholder, a pension fund for the city of Coral Springs, Florida, which was represented by Saxena White. It’s a win for the Richards, Layton & Finger and Gibson Dunn & Crutcher team that represented Block; founder, chairman and CEO Jack Dorsey, and 10 other board members.
