In this issue:
- News from the Courts
- News from the Regulators
- Tax News
- Notable Pending Deals
- Excerpt from News from the Courts:
Delaware Court of Chancery holds financial advisor liable for aiding and abetting a breach of fiduciary duties by the Rural/Metro board of directors -
On March 7, the Delaware Court of Chancery published a post-trial opinion in In Re Rural Metro Corporation Stockholders Litigation (“Rural Metro”) finding Rural/Metro’s financial advisor RBC liable for aiding and abetting the Rural/Metro’s board of directors’ breach of its fiduciary duties in connection with the acquisition of Rural/Metro by Warburg Pincus. The decision is the latest in a series of Delaware opinions concerning conflicts of interest of banks and investment firms in advising companies in buy-out transactions. It demonstrates the importance of good process and evidences Delaware’s continuing skepticism regarding staple financing.
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