Delaware’s highest court has upheld a trial judge’s finding that no damages resulted from Straight Path Communications Inc.'s $3.1 billion sale to Verizon Communications Inc.
The long-running dispute in the Delaware Chancery Court centered on allegations that Howard Jonas, Straight Path’s controlling shareholder, unfairly settled an indemnity claim stemming from Straight Path’s earlier spin-off from IDT Corp., which Jonas founded.
A one-page order signed by Chief Justice Collins J. Seitz Jr. upheld a Delaware Chancery Court ruling from October 2023. The Delaware Supreme Court’s full five-member panel considered the appeal, but the order issued Wednesday didn’t elaborate on their reasoning. ...