Groundbreaking judge will oversee Twitter's lawsuit against Musk
Reuters
Published Jul 13, 2022 05:28PM ET
Updated Jul 13, 2022 05:46PM ET
By Tom Hals
WILMINGTON, Del. (Reuters) - The first female chief judge on Delaware's nationally known business court will oversee Twitter Inc (NYSE:TWTR)'s lawsuit that seeks to hold Elon Musk to his agreement to buy the social media platform for $44 billion, according to court records.
Kathaleen McCormick (NYSE:MKC) took over the role of chancellor, or chief judge, last year after the retirement of Andre Bouchard on the Court of Chancery, a favored venue for large corporate disputes.
Among McCormick's first decisions will be a request by Twitter to hold a four-day trial in September, an incredibly tight time frame for such a complicated case.
McCormick's final ruling on the merger can be appealed to the Delaware Supreme Court.
Twitter accused Musk of a long list of violations of the merger agreement in the lawsuit it filed on Tuesday. It said the world's richest man wanted to back out in part because of a downturn in the stock of Tesla (NASDAQ:TSLA) Inc, the electric vehicle maker where he is chief executive.
Musk accused Twitter of breaching the merger agreement because it refused to share information on spam accounts, made misrepresentations and strayed from its normal course of business by firing executives.
McCormick is also overseeing a case by shareholders of Tesla who are seeking to void Musk's $56 billion compensation package from the automaker. She scheduled an October trial in that case.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.