Case Caption: Dekalb County Employees' Retirement System, et al. v. Ignacio S. Galán, et al.
Court: Supreme Court of the State of New York, County of New York
Case Number: 659327/2024
Judge: Justice Andrew Borrok
Plaintiff: Debra Frances Charles
Defendant: Ignacio S. Galán, Daniel Alcain Lopéz, Agustín Delgado Martín, John Lahey, Santiago Martínez Garrido, José Sáinz Armada, Alan Solomont, María Fátima Báñez García, Camille Joseph Varlack, John Baldacci, Robert Duffy, and Patricia Jacobs
KTMC brought claims by minority stockholders of Avangrid, Inc. (“Avangrid”) to challenge the take-private of Avangrid by its controlling stockholder, Iberdrola, S.A., for $34.25 per share (the “Squeeze-Out”). Plaintiffs allege that the Squeeze-Out was negotiated by conflicted directors without adequate procedural protections against Iberdrola’s self-dealing, resulting in an unfair price to minority stockholders. Plaintiffs further allege that stockholder approval of the Squeeze-Out was obtained by misleading disclosures. The Supreme Court of New York dismissed Plaintiffs’ complaint. Plaintiffs have appealed the decision and await the Appellate Division’s ruling following briefing and oral argument, which was completed in early June 2026.