Morgan Zurn: Difference between revisions
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Revision as of 04:00, 25 July 2023
Morgan T. Zurn | |
|---|---|
 | |
| Vice Chancellor of the Delaware Court of Chancery | |
| Assumed office October 4, 2018 | |
| Appointed by | John Carney |
| Preceded by | Seat established |
| Personal details | |
| Alma mater | University of Virginia (B.A.) University of Pennsylvania Law School (JD) |
Morgan T. Zurn is an American lawyer and judge on the Delaware Court of Chancery.
Career
Vice Chancellor Zurn received a Bachelor of Arts degree from the University of Virginia and received her J.D. from the University of Pennsylvania Law School.[1] She began her career as a patent lawyer. She then served as a Deputy Attorney General at the Delaware Department of Justice.[2]
In September 2018, Governor John Carney nominated Kathaleen McCormick and Morgan T. Zurn to two new vice-chancellor positions on the Delaware Court of Chancery.[3] Carney praised Zurn's "breadth of knowledge, devotion to public service and passion for her work."[3] She was confirmed by the Delaware Senate on October 3 and was sworn in on October 4.[1][4]
Notable Cases
In September 2021, Vice Chancellor Zurn denied the defendants' motion to dismiss a stockholder derivative complaint based on the Boeing 737 MAX crashes that occurred in 2019.[5][6][7] Two months later, the defendants—members of Boeing's board of directors—settled the litigation for $237.5 million.[8] [9] The settlement agreement obligated Boeing to "add another director to its 12-member board with aviation, engineering or product-safety oversight experience" and to amend its bylaws to "memorialize the separation of the CEO and board chairmanship" roles that the company adopted in 2019 in response to the crashes.[10]
In 2023, Vice Chancellor Zurn presided over the settlement approval process in stockholder litigation related to a "novel equity restructuring" proposed by AMC Theatres, a notable meme stock.[11][12] On July 21, 2023, Zurn rejected the parties' proposed settlement that "would allow the company to issue more shares, sending common shares soaring" up "69% after the closing bell."[13] In her ruling, Zurn noted that an "unprecedented" number of stockholders—more than 2,800—objected to the proposed settlement.[13] Zurn observed that "AMC's stockholder base is extraordinary" and that many AMC stockholders "care passionately about their stock ownership and the company."[13]
References
- ^ a b "Judicial Officers - Court of Chancery - Delaware Courts - State of Delaware". courts.delaware.gov. Retrieved July 23, 2023.
- ^ McParl, Tom (September 21, 2018). "Del. Gov. Names 2 Women for New Chancery Seats as Business Court Expands". Delaware Law Weekly. Retrieved July 23, 2023.
- ^ a b "Governor Carney announces two nominations to Court of Chancery". Delaware.gov. September 20, 2018.
- ^ Montgomery, Jeff. "McCormick, Zurn Confirmed To Complete Chancery Expansion". www.law360.com. Retrieved July 23, 2023.
- ^ Shepardson, David; Hals, Tom (September 8, 2021). "Shareholders may pursue 737 MAX claims against Boeing board, court rules". Reuters.
- ^ LaCroix, Kevin (September 9, 2021). "Del. Court Substantially Denies Boeing Duty of Oversight Claim Dismissal Motion". The D&O Diary.
- ^ Herlihy, Edward D.; Savitt, William (September 13, 2021). "Boeing's MAX Woes Reach the Boardroom". Harvard Law School Forum on Corporate Governance.
- ^ Shepardson, David (November 5, 2021). "Boeing directors agree to $237.5 million settlement over 737 MAX safety oversight". Reuters.
- ^ LaCroix, Kevin (Nov 7, 2021). "Boeing Air Crash Derivative Lawsuit Settles for $237.5 Million". The D&O Diary.
- ^ Tangel, Andrew (November 5, 2021). "Boeing Board to Add Safety Expert, Make Other Changes in 737 MAX Settlement". Wall Street Journal.
- ^ Frankel, Alison. "AMC Entertainment's $100 mln settlement snafu is cautionary tale: Judges want their say". Reuters.
- ^ Sen, Anirban. "Analysis: AMC sets unusual shareholder vote for meme stock sale approval". Reuters.
- ^ a b c "Judge denies AMC settlement on stock conversion, shares surge". CNBC. Retrieved July 23, 2023.
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