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Delaware Supreme Court affirms $2 billion judgement
August 30, 2012
Delaware: The Delaware Supreme Court affirmed a $2 billion dollar judgement on August 27, 2012, to be awarded to Southern Copper Corporation after the Delaware Court of Chancery had determined that the company had paid more than it should have for a company it had bought from its controlling shareholder, Grupo Mexico. Furthermore, the Delaware Supreme Court agreed to $304 million in attorneys' fees that had been approved by the Court of Chancery to be given to the lawyers who had represented Southern Copper Corporation.[1]
Southern Copper Corporation, controlled by Grupo Mexico, bought Minera Mexico from Grupo Mexico in 2005. It was ruled by Chancery Court judge Leo Strine that Southern Copper Corporation had overpaid Grupo Mexico by $1.263 billion and Grupo Mexico was ordered to repay the amount overpaid. Moreover, interest added to the damage award by Judge Strine brought the award total to approximately $2 billion.[1]
After becoming the first new chief judge in 14 years, Judge Strine gained attention when he handed down the judgement and the large attorney fees, which in this case are the largest ever of their kind awarded by the Delaware Court of Chancery. The defendants in the case blasted the fee, saying it amounted to $35,000.00 an hour, a rate of 30 times more than seen in other very comparable cases.[1]
In handling big shareholder disputes, the Delaware Court of Chancery is the known as one of the busiest courts in the United States.[1]
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