Potter Anderson Successfully Defends NRG Energy in Reclassification Suit on MFW Grounds
The Delaware Court of Chancery dismissed a stockholder’s complaint against NRG Energy Inc., a leading integrated power company in the U.S. Chancellor Andre Bouchard ruled that the standards under the MFW precedent, which permits the court to defer to board members’ business judgment of a transaction, were met and were appropriately applied to NRG’s stock reclassification of its yieldco.
Partner Brian Ralston and associates Andrew Sauder and Mathew Golden served as counsel for NRG and four of its directors.
News of the dismissal was reported by Law360.
For an overview of Kahn v. M&F Worldwide Corp., read Potter Anderson’s case summary.