The Delaware Court of Chancery invalidates terms of a stockholder agreement and sheds light on how joint ventures and governance should be structured

The Delaware Court of Chancery determined, in an opinion issued on February 23, 2024 in the case of West Palm Beach Firefighters’ Pension v. Moelis & Co.,¹ that certain provisions contained in a stockholder agreement were invalid under Delaware’s General Corporation Law (“DGCL”) and its relevant public policy. The parties to the agreement were Moelis …