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Westlaw News

Delaware court axes Baker Hughes shareholder claims over GE merger

A Delaware court on Tuesday threw out most of the claims brought by Baker Hughes Co shareholders asserting they were not given complete financial information about the oilfield service provider’s 2017 merger with General Electric’s oil and gas segment.

In a 55-page decision, Chancellor Andre Bouchard of the Delaware Court of Chancery dismissed claims against GE, former Baker Hughes CEO Martin Craighead and the company’s former CFO, Kimberly Ross, accusing them of misleading shareholders about the $23 billion merger. He did, however, allow a claim that Craighead breached “disclosure duties” to stand.

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