Chancery Dismisses Fraud Claims in Contract Dispute

, Delaware Business Court Insider


The Delaware Court of Chancery has dismissed fraud claims alleged by the directors of a New Jersey software company to manage their trust department against its acquiring entity, but allowed the claims of breach of contract and breach of the implied covenant of good faith to move forward. In allowing the claims of breach of implied covenant of good faith to stand, the court held that the plaintiffs sufficiently pleaded that the defendants' actions may have impacted post-acquisition revenue targets.

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