Chevron Corporation intervenes in shareholder litigation challenging Unocal merger

Client(s) Chevron Corporation

Jones Day represented intervenor Chevron Corporation in class action lawsuits filed in both California state and federal courts by Unocal Corporation shareholders challenging a proposed merger between Chevron Corporation and Unocal Corporation pursuant to their April 2005 Agreement and Plan of Merger. Among other things, plaintiffs alleged that the Unocal board of directors had breached their fiduciary duties by entering into the merger agreement with Chevron, improperly recommending the Chevron transaction in light of a June 2005 competing offer from CNOOC, and failing to disclose to shareholders all facts material to the proposed merger with Chevron in advance of a shareholder vote scheduled for August 2005. Plaintiffs eventually withdrew their challenge to the shareholder vote and released their claims in exchange for modified proxy disclosures.

Leib v. Unocal Corporation, et al., and consolidated / related actions, Lead Case No. BC 331316