The AMCAPES settlement is approved. But what about Blasius?

VC Zurn has issued her long awaited opinion in the $AMC #APES litigation. Bottom line? She approved the settlement. She also denied the request for a stay pending appeal. https://t.co/Hv1l0SOI1I HT: Chancery Daily #AMCAPES

— Steve Bainbridge (@PrawfBainbridge) August 11, 2023

A quick read suggests Zurn (1) thinks Blasius is still an independent standard, (2) thinks Blasius applies outside the context of director elections, but (3) Blasius now only requires defendants to "show their actions were reasonable in relation to their legitimate objective."

— Steve Bainbridge (@PrawfBainbridge) August 11, 2023