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Laster Scrutinizes Strike Suits in Theragenics Litigation

Laster presided over another recent case arising from the sale of Edgen Group where last month a Louisiana state court judge honored a Delaware choice of forum provision in Edgen's certificate of incorporation. The Chevron and Edgen matters may have emboldened Laster to issue the Theragenics order.

A few lawyers not involved in the matter noted that Laster seems to have a low opinion of Rigrodsky & Long. It's possible that the judge is singling out that firm for harsh treatment, but Rigrodsky is far from the only plaintiffs' shop to bring a large volume of cases. Laster may hope to subject other shareholder plaintiffs and their counsel to such scrutiny as well.

The Theragenics order came as Delaware governor Jack Markell is considering whom to select as Strine's successor. Laster could apply for the post, though he is a Republican and Markell is a Democrat. Instead, the gossip among Delaware lawyers for the past few months has been that Andre Bouchard of Wilmington law firm Bouchard, Margules & Friedlander PA is the front-runner for the post. Whoever succeeds Strine will have to determine if Laster's approach is the best way to handle the longstanding problem of M&A-related strike suit litigation.

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