On July 6, 2023, the Delaware Court of Chancery in Anderson v. Magellan Health, Inc. announced that going forward, the Court of Chancery would award mootness fees in supplemental disclosure-only settlements related to M&A transactions only where such additional disclosures are “material” to stockholders. The new standard replaces the lower “some benefit” or “helpful” standard the Court of Chancery has generally used since the 2016 Trulia decision. The decision acknowledged that these frivolous lawsuits constitute a “merger tax” that “continues to plague Delaware corporations” and explicitly provides that the heightened standard “should send a signal that these sorts of cases are not worth the attorneys’ time.”