In her ruling, Chancellor McCormick also addressed IMG’s demands for documents, noting that the plaintiff chose not to pursue the lawsuit seeking books and records. As a result, she dismissed IMG’s requests for repleading the case, citing a lack of good cause for reargument.
Zelle vs JPMorgan Case Tossed : Reactions and Representation
IMG Holding expressed disappointment with the court’s decision but appreciated the time and attention provided to the case by the Court of Chancery. Legal representation for the bank did not immediately respond to requests for comment.
Legal teams involved in the case included Mark M. Billion and Peter K. Schaeffer for IMG Holding LLC, while the director defendants were represented by Audra J. Soloway, Daniel A. Mason, and Sabrina M. Hendershot of Paul Weiss Rifkind Wharton & Garrison LLP.
The decision marks a significant moment in the legal challenges faced by major financial institutions operating peer-to-peer payment platforms, with Zelle being a prominent example.
