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...On Thursday, March 28, a group of powerful Delaware lawyers put in motion a plan to make a series of changes to the state’s eminent corporate code, known as the Delaware General Corporation Law....
...Plaintiffs lawyers have been incredulous over the big corporate law firms’ grievance that Delaware had suddenly become too hostile towards companies....
...Well, what does all this mean for Delaware as the dominant state for corporate law?...
...As such, tech companies with founder bosses as well as PE-backed companies, he said, may be suddenly more reluctant to subject themselves to the constraints of Delaware law and could then domicile in the...
...Wells Fargo and Wilmington Savings Fund Society are named in the suit having allegedly provided administration services to FCI. They have been contacted for comment. How big a deal might all this be?...
...for large corporations thanks in part to a transparent corporate law regime, years of legal precedent and a community of lawyers....
...A 2001 study found that companies with a Delaware incorporation enjoyed a premium on their valuations....
...Typically, the most contentious disputes that Delaware hears involve companies controlled by a large shareholder and feature the conflicts in dealmaking that result....
...Elon Musk has shifted the incorporation of his brain-implant company Neuralink to Nevada, deepening a rift with the state of Delaware where a judge recently voided the entrepreneur’s $56bn pay package from...
...Varallo convinced a Delaware judge that Musk’s $56bn pay package at his electric-car company Tesla should be voided, landing a massive dent in the billionaire’s net worth (don’t worry, he’s still rich)....
...Over the past two years, big banks such as JPMorgan Chase, Bank of America, Citigroup and Wells Fargo charged more for loans in lockstep with the Fed lifting interest rates, without passing on the increase...
...Scharf, who took over the top job at the bank in 2019, has been focused on getting that cap, which has been a significant drag on Wells Fargo’s operations, removed....
...“The affairs of Delaware corporations, however, must be managed by Boards of Directors, not backroom deals,” said the lawsuit, saying non-Elliott shareholders never got the opportunity to approve the features...
...Wells Fargo said in a statement: “Compensation decisions are based on performance, and we stand behind our decisions in this matter.”...
...At Wells Fargo, first quarter NII came in 8 per cent lower compared with a year earlier. At Citi, the metric eked out a 1 per cent year-on-year gain but fell quarter on quarter....
...“We respect our employees’ rights to vote for union representation,” Wells Fargo said in a statement....
...Wells Fargo paid nearly $594mn more in fees to depositors in the first quarter of this year than it did in the previous three months....
...If granted by the Delaware court, Bernstein would be among the 10 largest shareholders of the company....
...company’s incorporation from Delaware to Texas....
...Wells Fargo alone said it spent more than $1bn on unexpected job cuts in the fourth quarter....
...Those without strong opinions can refer to comprehensive coverage from the FT’s Richard Waters, Stuart Kirk, Sujeet Indap (twice) and Lex, as well as a multi-bylined Q&A....
...Moreover, the Piccininis did well for themselves between the $200mn in cash swept and a previous sale-leaseback transaction, this person said....
...Musk vs Delaware The small US state of Delaware has long been the refuge of large corporations seeking predictable courts....
...But Bernstein’s Varallo vigorously defended Delaware as a fair venue for both shareholders and companies....
...The US has eight G-SIBs: JPMorgan, Citigroup, Bank of America, Goldman Sachs, Morgan Stanley, Bank of New York Mellon, State Street and Wells Fargo....
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