Usa state Delaware city London 2020 Twitter CEO BLOCK reports Action Target Usa state Delaware city London

Delaware judge nixes Block shareholder suit over online music deal

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LONDON, ENGLAND - MARCH 03: In this photo illustration, the logo for the US tech firm "Block" is displayed and reflected in a number of digital screens on March 03, 2023 in London, England.

Block, the US tech firm founded by Twitter creator Jack Dors DOVER, Del. - A Delaware judge has dismissed a shareholder lawsuit against financial technology company Block Inc.

over its 2021 acquisition of majority ownership in Tidal, the music streaming service partly owned by rapper Jay-Z.A pension fund shareholder alleged that Block founder and CEO Jack Dorsey and the company’s board of directors breached their fiduciary duties in agreeing to pay roughly $300 million to take control of Tidal as it was failing financially and the target of an ongoing criminal investigation.Chancellor Kathaleen St.

Judge McCormick ruled Tuesday that the pension fund had failed to demand that Block’s board pursue legal action itself before filing a derivative lawsuit on behalf of the company.

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