Clifford Chance

Delaware Supreme Court Affirms Award of More than $2B in Damages (including interest) and $304M in Attorneys' Fees

4 September 2012

In December 2011, Chancellor Strine awarded $2.03 billion in damages, including interest (believed to be the largest single monetary award by the Chancery Court) in a stockholder action challenging the acquisition by Southern Peru Copper Corporation ("Southern Peru") of Minera México, S.A. de C.V. ("Minera") from Americas Mining Corporation ("AMC"), for $3.05 billion in Southern Peru stock.  Grupo México, S.A.B. de C.V. ("Grupo México") was the parent company of AMC, which owned both a 99.15% stake in Minera and a controlling interest in Southern Peru.  The minority stockholders of Southern Peru brought a derivative action against defendants
AMC, the Grupo México affiliated
directors of Southern Peru and members of the Southern Peru Special Committee (as defined below) alleging that the transaction was entirely unfair to Southern Peru and its minority stockholders.

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