Del. Court Denies Southern Copper Case Reargument - WMDT 47 News - Delmarva's Choice

Del. Court Denies Southern Copper Case Reargument

DOVER, Del. (AP) - The Delaware Supreme Court has denied a request for reargument in a case involving a $2 billion judgment stemming from Southern Copper Corp.'s 2005 acquisition of a mining company from Grupo Mexico, its controlling stockholder.
    
The court last month upheld a ruling in a shareholder lawsuit that Grupo Mexico and directors of Southern Copper, then known as Southern Peru, caused Southern to pay an excessive price for Grupo Mexico's 99 percent interest in Minera Mexico.  In setting the damage award, a chancery judge awarded plaintiffs' attorneys $304 million.
    
The defendants said the judge abused his discretion and acted arbitrarily.
    
On Friday, the justices denied their request for reargument on how the attorneys' fees should have been calculated. The court said the motion was both procedurally barred and substantively without merit.

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