Thomas V. Rux v. James E. Meyer, et al. and Sirius XM Holdings, Inc., C.A. No. 11577-CB, Order (Del. Ch. Jan. 16, 2020; transcript filed Jan. 29, 2020)
Landis Rath & Cobb LLP successfully represented defendant, Sirius XM Holdings, Inc., in a derivative action in the Court of Chancery challenging part of a $2 billion stock repurchase program. The complaint, brought by a Sirius XM stockholder in 2015, alleged that certain Sirius XM directors breached their fiduciary duties with respect to a 2013 stock repurchase program. On January 16, 2020, the court approved the parties’ comprehensive settlement, resolving all claims brought in the action and ending the years-long litigation.