Noteworthy Case

Toll Brothers, Inc.

Robbins LLP represented shareholders in the Toll Brothers, Inc. shareholder derivative litigation in which plaintiffs alleged that certain company officers and directors, including the co-founders, traded on inside information and grossly misled investors about company earnings projections during a housing market downturn. After four years of contentious litigation, the firm helped secure one of the largest Brophy (Brophy v. Cities Serv. Co., 70 A.2d 5 (Del. Ch. 1949)) settlements ever, a $16.25 million cash payment to the luxury homebuilding company. The settlement included a $6.45 million payment from the executive directors, an unprecedented result in shareholder litigation of this type.

Martinez v. Toll (Toll Bros., Inc.), No. 2:09-cv-00937-CDJ (E.D. Pa. Mar. 27, 2013); Pfeiffer v. Toll, No. 4140-VCL (Del. Ch. Mar. 15, 2013)

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