Stinson Leonard Street

In Knight v. Miller et al the Delaware Court of Chancery considered, among other things, whether the acceptance of an equity grant violated fiduciary duties. The case was before the Court on a motion to dismiss. The case deals with grants of equity compensation made to directors and officers of Universal Health Services, Inc. (“UHS” or the “Company”) during the market volatility taking place in March 2020 at the beginning of the COVID-19 pandemic. UHS…
The SEC has issued a rule proposal to reduce risks in the clearance and settlement of securities. Specifically, the proposed changes would: Shorten the standard settlement cycle for securities transactions from two business days after trade date (T+2) to one business day after trade date (T+1); Eliminate the separate T+4 settlement cycle for firm commitment offerings priced after 4:30 p.m.; Improve the processing of institutional trades by proposing new requirements for broker-dealers and registered investment…