Cases & Deals

KeyBanc Capital Markets obtains dismissal of claims in shareholder class action

Client(s) KeyCorp Capital Markets Inc.

Jones Day obtained a dismissal of all claims against KeyBanc Capital Markets Inc. in a shareholder class action in the Delaware Court of Chancery. KeyBanc acted as a financial advisor to Morton's Restaurant Group in connection with a 2012 tender offer and merger transaction, and the plaintiffs alleged that KeyBanc aided and abetted breaches of fiduciary duty by Morton's board. The court granted our motion to dismiss the claims against KeyBanc with prejudice, finding that the plaintiffs' challenges to various assumptions and calculations in KeyBanc's fairness analysis did not give rise to a reasonable inference of wrongdoing.

In re Morton's Restaurant Group, Inc. Shareholders Litig., C.A. No. 7122-CS (Del. Ch. July 23, 2013)