The chief judge of Delaware’s Chancery Court, whose rulings in cases involving Walt Disney Co, Hewlett Packard Co. and eBay Inc. made him one of the most powerful arbiters of U.S. business disputes, plans to step down.
William B. Chandler III, the court’s chancellor, will retire from the bench as of June 17, his assistant said. One of the Delaware court’s four vice-chancellors — Leo Strine, Donald Parsons, J. Travis Laster or John Noble — will likely succeed him. Chandler was a vice chancellor for eight years before becoming chief judge in 1997.
Delaware Chancery Court is an important venue for litigating business disputes because a large number of Fortune 500 companies incorporate in the state. “There’s a time when all judges need to let younger people step up and take on the burdens,” said Chandler, 60. “It’s a good opportunity for me to let someone new take the reins of this court.”
He said he will pursue opportunities in the private sector and will maintain an office in Delaware.
In the Hewlett-Packard Co. case, Chandler allowed the computer maker’s 2002 purchase of rival Compaq Computer Corp. to go forward.
He rejected an attempt by ousted HP director Walter Hewlett to block the $18 billion deal. Hewlett had claimed information about the Compaq merger was withheld from shareholders, but Chandler ruled the company did not mislead investors.
Last September, Chandler issued a mixed decision in a dispute between eBay Inc. and Craigslist. He reinstated eBay’s 28.4 percent stake in Craigslist, but allowed the classifieds site to keep eBay off its board of directors.
Topics Legislation Delaware
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