Potter Anderson Assists in Securing Appellate Victory for Williams
The Supreme Court of Delaware affirmed a May 2017 ruling of the Court of Chancery that dismissed a shareholder suit arising from The Williams Cos.’ abandoned merger with its master limited partnership Williams Partners LP. Williams is one of North America’s leading natural gas companies. The cancellation of the merger triggered break-up fees totaling $428 million that the plaintiff challenged in the suit. By order, the Supreme Court affirmed the Court of Chancery’s ruling that demand on the Williams’ board of directors was not excused and separately ruled that the shareholder plaintiff had improperly filed near-identical direct and derivative suits.
Serving as Delaware counsel to Williams and its directors in collaboration with Cravath Swaine & Moore, partner Mike Pittenger led Potter Anderson’s representation with partner Pete Walsh and associates Andrew Sauder and Jake Kirkham. Potter Anderson represented Williams in both the appeal and the underlying case in the Court of Chancery.
News of the decision was reported by Law360.
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