Last month, the Delaware Chancery Court drastically reduced – from $275,000 to $50,000 – a mootness fee award requested by plaintiffs’ counsel in a lawsuit challenging the merger between PayPal and Xoom Corporation, finding the supplemental disclosures that flowed from the lawsuit provided only minor benefits to stockholders. In re Xoom Corp. Stockholder Litigation. The steep fee reduction reinforces Trulia’s admonition earlier this year that the days of $250,000-$350,000 attorneys’ fee awards for meaningless additional disclosures are over, as Delaware judges will carefully scrutinize attorneys’ fee requests for litigation that yields disclosures of little or no value.
Peter Doyle is a partner in the Litigation Department. Peter has a long track record of winning high-stakes contested matters and counseling clients in avoiding litigation. Peter's practice encompasses trial work and related counseling in complex business and shareholder disputes. He has tried cases in state and federal courts across the United States on behalf of plaintiffs and defendants. Peter has successfully argued significant appeals involving federal securities law and other commercial matters in state and federal appellate courts.
Peter represents companies and boards in a diverse array of industries including asset management, health care, financial services, telecommunications and manufacturing. Notably, his clients include Community Health, 3G Capital, American Industrial Partners, Gaylord Container, Health Management Associates, Morgan Stanley and United Airlines.
Prior to joining Proskauer, Peter was an equity partner for many years with Kirkland & Ellis. Earlier in his career, he served as a law clerk in the Southern District of New York for the Honorable Denny Chin, who now serves on the United States Court of Appeals for the Second Circuit.