Cases & Investigations
Peabody Energy Corporation
Type: Notable Cases
Case Number: 10597-CB
Court: Delaware Chancery Court
Wolf Popper LLP Seeks a Declaration that a “Dead-Hand Proxy Put” in a Credit Agreement of Peabody Energy Corporation Is Unenforceable
On January 29, 2015, Wolf Popper LLP, on behalf of Plaintiff and all of the public stockholders of Peabody Energy Corporation, filed a complaint in the Court of Chancery of Delaware alleging that inclusion of a provision (known as a “Dead-Hand Proxy Put”) in a company credit agreement that would have the effect of entrenching members of the company’s board of directors was a breach of fiduciary duty and should be declared unenforceable. Soon after the filing of the complaint, the company agreed to remove the offending provision.
Contact Instructions