A study by Cornerstone Research showed that in 2010 and 2011, no less than 91 percent of merger and acquisition deals valued at more than $100 million became the subject of lawsuits, and an amazing 95 percent of all proposed acquisitions valued at more than $500 million were attacked by subsequent lawsuits in those years (see my November 2012 CW column for a detailed discussion of this). At those lofty percentages, it seemed M&A litigation had nowhere to go but down in 2012, but that has turned out not to be the case. The most recent research from Cornerstone shows that 2012 was even more litigious, with 93 percent of transactions valued over $100 million becoming the subject of lawsuits and 96 percent of all proposed acquisitions valued at more than $500 million resulting in lawsuits.
