Court of Appeals Grants Leave To Appeal In Case Involving Application of Business Judgment Rule to Going Private Transaction

On June 10, 2015, the Court of Appeals granted leave to appeal in Matter of Kenneth Cole Productions, Inc., Shareholder Litigation, addressing whether a going private transaction was properly reviewed under the business judgment rule (as Justice Marks of the New York County Commercial Division and the First Department concluded in this case) or whether the transaction should have been subjected to a more stringent "entire fairness" review. Our prior post on the First Department's decision is available here.