Investment Bank Found Liable for Aiding and Abetting Breach of Fiduciary Duties

Philadelphia and Wilmington partner Andy Kassner and associate Joe Argentina authored an article for The Legal Intelligencer, titled, “Investment Bank Found Liable for Aiding and Abetting Breach of Fiduciary Duties.”

In a highly publicized recent decision in In Re Rural Metro Corporation, Stockholder Litigation, the Delaware Chancery Court held an investment bank liable for aiding and abetting directors’ breach of fiduciary duty in a company sale transaction. The investment bank simultaneously advised the company’s board of directors and sought to participate in the buy-side “staple” financing.

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