Chancellor’s 44-page ruling likely to be cited for years to come on issue of how statutes of limitations apply to claims with equitable elements
BOSTON, August 16, 2016: The Delaware Chancery Court has dismissed, with prejudice, a case filed against WisdomTree Investments, Inc., in which a stockholder sought to invalidate WisdomTree’s ownership of a significant block of stock in Tradeworx, Inc.
Chancellor Andre Bouchard dismissed the suit after a Morgan Lewis team argued that the stockholder’s claim, which was filed almost fifteen years after the stock issuance, was time-barred under equitable principles.
“We are gratified with Chancellor Bouchard’s ruling, which dismisses the case against WisdomTree in its entirety with prejudice,” said Jordan Hershman, leader of Morgan Lewis’s securities litigation practice, who argued the motion for WisdomTree.
The Chancery Court’s ruling was featured on Law360.com on August 4, 2016.
The Morgan Lewis team defending WisdomTree Investments was led by Mr. Hershman and fellow partner Michael Blanchard. Associate Chris Wasil provided support.