Law360, New York ( January 29, 2016, 11:39 AM EST) -- A new decision makes clear that parties should no longer expect the Delaware Court of Chancery to approve broad settlements of merger and acquisition class actions based on supplemental proxy disclosures. Chancellor Andre Bouchard issued a 42-page opinion recently that rejected a proposed class settlement in which defendants obtained releases in exchange for supplemental disclosures, decried the "dynamics that have led to the proliferation of disclosure settlements," and admonished that such settlements will be met with "continued disfavor" and are not likely to be approved except in exceptional circumstances. The decision is certain to affect both the number of future cases and the manner in which they are litigated....