June 11, 2026
On June 10, 2026, the Delaware Court of Chancery issued a decision adopting in full the Report of Magistrate Gibbs, which had granted summary judgment in substantial part to the client of Clark Smith Villazor LLP and co-counsel Berger McDermott LLP, Arif Ahmed, in his advancement action against JPMorgan Chase & Co. and J.P. Morgan Securities LLC (“JPMorgan”).
On January 21, 2026, the magistrate issued a report resolving cross-motions for summary judgment and delivering several rulings in Mr. Ahmed’s favor, including that Mr. Ahmed is entitled to advancement of all fees, expenses, and costs under a plain reading of JPMorgan’s own Bylaws and the existing factual record. The magistrate also awarded commensurate fees-on-fees incurred in prosecuting the advancement action. The Court of Chancery adopted the report in full just one day after oral argument was held and overruled JPMorgan’s exceptions.