ASBESTOS WORKERS LOCAL 42 PENSION FUND v. BAMMANN

C.A. No. 9772-VCG.

ASBESTOS WORKERS LOCAL 42 PENSION FUND, derivatively on behalf of Nominal Defendant JPMORGAN CHASE & CO., a Delaware corporation, Plaintiff, v. LINDA B. BAMMANN, JAMES A. BELL, CRANDALL C. BOWLES, STEPHEN B. BURKE, DAVID M. COTE, JAMES S. CROWN, JAMIE DIMON, TIMOTHY P. FLYNN, ELLEN V. FUTTER, LABAN P. JACKSON, MICHAEL A. NEAL, DAVID C. NOVAK, LEE R. RAYMOND, WILLIAM WELDON, DOUGLAS L. BRAUNSTEIN, MICHAEL CAVANAGH, INA DREW, IRVIN GOLDMAN, JOHN HOGAN, PETER WEILAND, JOHN WILMOT, and BARRY ZUBROW, Defendants, and JPMORGAN CHASE & CO., Nominal Defendant.

Court of Chancery of Delaware.

Date Decided: May 21, 2015.

As Revised: May 22, 2015.


Attorney(s) appearing for the Case

Carmella P. Keener and P. Bradford deLeeuw , of ROSENTHAL, MONHAIT & GODDESS, P.A., Wilmington, Delaware; OF COUNSEL: Stewart L. Cohen , Robert L. Pratter , Jacob A. Goldberg , and Alessandra C. Phillips , of COHEN PLACITELLA & ROTH, P.C., Philadelphia, Pennsylvania; Peter Safirstein and Elizabeth Metcalf , of MORGAN & MORGAN, P.C., New York, New York, Attorneys for Plaintiff.

Gregory P. Williams , Catherine G. Dearlove , and Christopher H. Lyons , of RICHARDS LAYTON & FINGER P.A., Wilmington, Delaware; OF COUNSEL: Richard C. Pepperman, II and George R. Painter IV , of SULLIVAN & CROMWELL LLP, New York, New York; Daryl A. Libow and Christopher M. Viapiano , of SULLIVAN & CROMWELL LLP, Washington, D.C., Attorneys for Defendants James Dimon, Douglas L. Braunstein, Michael Cavanagh, Ina Drew, Irvin Goldman, John Hogan, Peter Weiland, John Wilmot, Barry Zubrow and JPMorgan Chase & Co.

David C. McBride , William D. Johnston , and Kathaleen S. McCormick , of YOUNG CONAWAY STARGATT & TAYLOR LLP, Wilmington, Delaware; OF COUNSEL: Jonathan C. Dickey and Brian M. Lutz , of GIBSON DUNN & CRUTCHER LLP, New York, New York, Attorneys for Defendants Linda B. Bammann, James A. Bell, Crandall C. Bowles, Stephen B. Burke, David M. Cote, James S. Crown, Ellen V. Futter, Timothy P. Flynn, Laban P. Jackson, Jr., Michael A. Neal, David C. Novak, Lee R. Raymond, and William C. Weldon.


MEMORANDUM OPINION

The C.W. Morgan is the last surviving ship of the American whaling fleet.1 In 1820, another ship of that fleet, the Essex, was attacked by a sperm whale, which rammed the ship repeatedly until the planking was sprung and timbers broken. The...

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