01 03 2016

Judge Analisa Torres of the Southern District of New York dismissed all claims in a shareholder derivative suit brought by F5 Capital Management

Paul, Weiss client Oaktree Capital Management and several other defendants obtained a victory when Judge Analisa Torres of the Southern District of New York dismissed all claims in a shareholder derivative suit brought by F5 Capital Management in relation to the merger of Star Bulk Carriers Corporation and Oceanbulk Shipping LLC.


The plaintiff brought three derivative claims for breaches of fiduciary duty and corporate waste, and a direct claim on behalf of a putative class for dilution. Judge Torres held that the plaintiff failed to plead demand futility or overcome the business judgment rule and thus granted the motion to dismiss without leave to amend. Oaktree Capital Management, L.P. is a private equity firm specializing in marketable securities and private investments. The Firm, led by Jay Steven Wintrob, Bruce A. Karsh, Howard S. Marks, Stephen A. Kaplan and David M. Kirchheimer, is based in Los Angeles (CA).

The Paul, Weiss team included litigation partners Andrew Ehrlich (Picture) and Gregory Laufer. Corporate partners Kenneth Schneider, Lawrence Wee and Ellen Ching were involved in the underlying transactions and provided assistance to the litigation team. Involved fees earner: Andrew Ehrlich - Paul, Weiss, Rifkind, Wharton & Garrison LLP; Gregory Laufer - Paul, Weiss, Rifkind, Wharton & Garrison LLP; Kenneth Schneider - Paul, Weiss, Rifkind, Wharton & Garrison LLP; Lawrence Wee - Paul, Weiss, Rifkind, Wharton & Garrison LLP; Ellen Ching - Paul, Weiss, Rifkind, Wharton & Garrison LLP;

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