A 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.
May 9 - A Delaware judge on Tuesday dismissed a shareholder class action seeking to hold Jack Dorsey and other board members at Block IncChancellor Kathaleen McCormick in Delaware Chancery Court said the Florida pension fund leading the case did not show that Block's directors acted in bad faith though the purchase it "seemed, by all accounts, a terrible business decision."
Block's board was faulted for approving the purchase though Tidal was losing money, had lost major contracts, faced a Norwegian criminal probe into its streaming numbers, and had accepted a $50 million loan from Jay-Z to shore up its finances. Its complaint quoted a New York University business professor who called the purchase "a $300 million bar tab to hang out with Jay-Z."
Lawyers for the plaintiff, the City of Coral Springs Police Officers' Pension Plan, did not immediately respond to requests for comment. The defendants' lawyers did not immediately respond to similar requests.
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