eBay Issues statement regarding Craigslist Lawsuit Pretrial Decision
By: Richard Brewer-Hay
Today the Court of Chancery of the State of Delaware issued a pretrial decision that dismissed two charges brought by eBay Inc. against craigslist board directors Craig Newmark and Jim Buckmaster. A trial is set to begin on December 7, 2009 on the rest of the charges. eBay’s deputy general counsel, Mary Huser issued the following statement:
“eBay sued craigslist to, among other things, rescind unfair indemnification agreements granted to Newmark and Buckmaster. Since both Newmark and Buckmaster agreed, under oath, not to sign those agreements now or in the future, we are pleased that the Court agreed those claims are now moot.
“The trial beginning on December 7 will try the remaining charges against craigslist. The evidence we will present will show that the board of directors engaged in a scheme to dilute eBay’s shares in craigslist. eBay is asking the Court to reverse these transactions and return the property that was wrongly taken from it by the craigslist board directors.”
I’ll be sure to update the blog with any and all info/statements as they become available heading into – and out of – the trial in December.