Cases & Deals

SiriusXM Radio obtains summary judgment in shareholders derivative lawsuit filed against their directors

Client(s) Sirius XM Radio Inc.

Jones Day obtained summary judgment in a shareholders derivative lawsuit filed against the directors of Sirius XM Radio Inc.. The complaint, filed in the Southern District of New York (Judge Rakoff), alleged that Sirius and certain of its directors made misrepresentations to regulators, the public and shareholders in connection with the approval of the merger between Sirius Satellite Radio and XM Satellite Radio. The complaint also alleged that SiriusXM’s directors breached their fiduciary duties by approving a financing transaction with Liberty Media shortly after the merger.