Cases & Deals

Morgan Stanley defends shareholder derivative and class action

Client(s) Morgan Stanley

Jones Day is representing Morgan Stanley in a derivative and class action filed on behalf of shareholders regarding the acquisition of Crescent. Plaintiffs are claiming an unfair process leading to an inadequate purchase price. The Court stayed the derivative action pending a Special Litigation Committee investigation. The shareholders approved the merger on August 1 and the deal closed shortly thereafter. A motion to dismiss is currently pending.

Acuff v. Rainwater, et al., No. 067-224428-07(67th Dist Ct, Tarrant Cty, Tex.); Nelson v. Rainwater, et al., No. 141-224214-07(141st Dist. Ct., Tarrant Cty, Tex.); Gomez v. Rainwater, et al., No. 141-224134-07(141st Dist. Ct., Tarrant Cty, Tex.)