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Delaware Supreme Court Affirms “Narrow”
Ruling; Declines to Characterize Sell-Side Financial Advisors as “Gatekeepers”
1 December 2015
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Delaware Supreme Court affirms $75 million award against sell-side financial advisor for aiding and abetting breach of fiduciary duty by target directors.
Court describes its decision as “narrow,” based on “unusual facts,” and not an expansion of existing Delaware law.
Court rejects trial court’s characterization of financial advisors as “gatekeepers” and emphasizes the contractual nature of the advisor/client relationship.
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