Jack Dorsey's Block was sued by shareholders over its purchase of the Jay-Z-backed music platform Tidal. The judge ruled in Block's favor, saying the board was “free to make a terrible business decision.”
Carmen Mandato/Getty ImagesAfter a police pension plan with stock in the payments company Block took Dorsey and the rest of the board to court over its purchase of Jay-Z’s Tidal music platform, a Delaware judge ruled in Block’s favor Tuesday — but didn’t spare the billionaire Twitter founder’s feelings.
“Under Delaware law, however, a board comprised of a majority of disinterested and independent directors is free to make a terrible business decision without any meaningful threat of liability, so long as the directors approve the action in good faith,” she continued. The decision marks a win for the formerly San Francisco-based payments company. The lawsuit was filed in January 2022 by Florida's City of Coral Springs Police Officers’ Pension Plan, which challenged Block’s Tidal acquisition as “a breach of fiduciary duty.” The pension plan holds stock in Block, which also owns Cash App, Square and Afterpay.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Judge Tosses Block Shareholder Lawsuit Over ‘Terrible’ Tidal PurchaseA Delaware judge has dismissed a shareholder lawsuit against financial technology company Block Inc. over its 2021 acquisition of majority ownership in Tidal, the music streaming service partly owned by rapper Jay-Z.
Weiterlesen »
Judge Tells Jack Dorsey’s Block It’s Allowed to Make ‘Terrible’ Decisions Like Buying TidalDorsey’s Block bought Jay-Z’s music streaming app Tidal in 2021, leading shareholders from a cop’s pension fund to sue for buying the then-failing company.
Weiterlesen »
The Morning After: Jack Dorsey-backed Twitter alternative, Bluesky, is having a moment | EngadgetThe biggest news stories this morning: Bank of Canada asks for public feedback about a national digital currency, Jack Dorsey-backed Bluesky is having a moment, We get the first trailer for Chris Nolan's 'Oppenheimer'..
Weiterlesen »
Judge dismisses lawsuit over Block's 'terrible' purchase of Jay-Z's TidalA Delaware judge on Tuesday dismissed a shareholder class action seeking to hold Jack Dorsey and other board members at Block Inc liable for approving the payments company's purchase of Jay-Z's streaming service Tidal.
Weiterlesen »
City to begin clearing 'The Zone' block by blockMay 10 is the first day of the City of Phoenix’s coordinated plan to close off the area block by block. MORE ⬇️
Weiterlesen »
Phoenix begins clearing 'The Zone' block by blockSignage has been put up within 'The Zone' to announce that the area is closed to camping 'to abate a public nuisance' following the city's effort to clean up the area Wednesday. MORE:
Weiterlesen »