Arkansas Teacher Retirement System v. Caiafa

STEELE, Chief Justice:

Former Countrywide stockholder, Arkansas Teachers Retirement Systems, objected to the Vice Chancellor’s approval of a settlement among a majority of Countrywide stockholders, Countrywide directors, and Bank of America, related to Countrywide’s merger with BOA. TRS objected on the basis that the Vice Chancellor failed to value TRS’s derivative claim pending in a companion Federal District Court action. The Vice Chancellor denied the objection and approved the settlement, allowing BOA to close its acquisition of Countrywide, thus extinguishing TRS’s standing to pursue…