J. Travis Laster

James Travis Laster is an American corporate lawyer and judge who has served as a Vice Chancellor of the Delaware Court of Chancery since 2009.

J. Travis Laster
Vice Chancellor of the Delaware Court of Chancery
Assumed office
October 9, 2009
Appointed byJack Markell (first term)
John Carney (second term)
Preceded byStephen P. Lamb
Personal details
EducationPrinceton University
University of Virginia School of Law

Laster graduated from Princeton University in 1991 and the University of Virginia School of Law in 1995.[1] He clerked for Judge Jane Richards Roth on the United States Court of Appeals for the Third Circuit, before working in private practice at the Delaware law firm Richards, Layton & Finger. He founded a boutique law firm Abrams & Laster in 2005.[2]

Judicial career

In 2009, Governor Jack Markell nominated Laster to the Delaware Court of Chancery.[3] He was confirmed by the Delaware Senate on September 22 and sworn in on October 9 for a 12-year term as Vice Chancellor. He took over the seat formerly held by Stephen P. Lamb.[4][5]

He was nominated for a second term by Governor John Carney, and the Delaware Senate confirmed his reappointment on October 13, 2021.[6][7]

Notable cases

In Akorn Inc. v. Fresenius Kabi AG, a 2018 mergers and acquisitions case, Laster's ruling was the first time that the court ever allowed a buyer to terminate a merger agreement based on a "material adverse effect" contract provision. Laster found that Akorn's business "fell off a cliff" after signing the agreement, and in a "durationally significant" way. He distinguished the case from other cases involving buyers who had "second thoughts after cyclical trends or industrywide effects negatively impacted their own businesses". He concluded that Fresenius was not required to close the deal and had validly terminated it.[8][9] The Delaware Supreme Court affirmed.[10][11]

In a lawsuit about property taxes and school funding, Laster ruled in 2020 that all three Delaware counties' use of decades-old property values violated state law and the state constitution. The property tax system violated the state law requirement that property be assessed at "its true value in money", meaning fair market value, and the state constitution's requirement of uniform taxation. The litigation resulted in settlements, agreeing to property reassessments as well as school funding for certain disadvantaged students.[6][12][13][14]

References
  1. Laster, J. Travis (1999). "Exorcizing the Omnipresent Specter: The Impact of Substantial Equity Ownership by Outside Directors on Unocal Analysis". The Business Lawyer. 55 (1): 109–134. JSTOR 40687920.
  2. "Judicial Officers - Court of Chancery - Delaware Courts - State of Delaware". courts.delaware.gov. Retrieved July 12, 2022.
  3. Hals, Tom (August 19, 2009). "Laster to be nominated for Delaware Chancery Court". Reuters.
  4. "Laster installed as vice chancellor for Delaware Court of Chancery". Delaware Online. October 13, 2009.
  5. "Nomination Detail - Delaware General Assembly: James Travis Laster". legis.delaware.gov. September 22, 2009.
  6. Jackson, Sierra (October 13, 2021). "Del. Senate confirms Laster's reappointment to Chancery Court". Reuters.
  7. "Nomination Detail - Delaware General Assembly: James Laster". legis.delaware.gov. October 13, 2021.
  8. Levine, Matt (October 14, 2018). "M&A Is Hard When the Seller's Business Falls Off a Cliff". Bloomberg.
  9. Akorn Inc. v. Fresenius Kabi AG, No. 2018–0300–JTL (Del. Ch. Oct. 1, 2018)
  10. Feeley, Jef; Fineman, Josh (December 7, 2018). "Fresenius Wins Ruling on Canceled Buyout; Akorn Shares Fall". Bloomberg.
  11. Akorn Inc. v. Fresenius Kabi AG, No. 535, 2018 (Del. Dec. 7, 2018)
  12. Chase, Randall (April 13, 2021). "School funding suit prompts Delaware property reassessments". AP News.
  13. Wilson, Xerxes; Kuang, Jeanne (May 11, 2020) [May 8, 2020]. "Judge rules Delaware property tax system unconstitutional; major changes to residents' bills could follow". Delaware Online.
  14. In re Delaware Public Schools Litigation, 239 A.3d 451 (Del. Ch. 2020)


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