Jack Dorsey's Block was sued by shareholders over its purchase of the Jay-Z-backed music platform Tidal. The judge ruled in Block's favor, saying the board was “free to make a terrible business decision.”
Carmen Mandato/Getty ImagesAfter a police pension plan with stock in the payments company Block took Dorsey and the rest of the board to court over its purchase of Jay-Z’s Tidal music platform, a Delaware judge ruled in Block’s favor Tuesday — but didn’t spare the billionaire Twitter founder’s feelings.
“Under Delaware law, however, a board comprised of a majority of disinterested and independent directors is free to make a terrible business decision without any meaningful threat of liability, so long as the directors approve the action in good faith,” she continued. The decision marks a win for the formerly San Francisco-based payments company. The lawsuit was filed in January 2022 by Florida's City of Coral Springs Police Officers’ Pension Plan, which challenged Block’s Tidal acquisition as “a breach of fiduciary duty.” The pension plan holds stock in Block, which also owns Cash App, Square and Afterpay.
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