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Dec. 2, 2015
Delaware high court upholds influential Rural/Metro decision
State's supreme court agreed with the lower court's decision that RBC was liable for "aiding and abetting" the board of Rural/Metro Corp.'s breach of fiduciary duty in its $438 million sale to private equity firm Warburg Pincus LLC in 2011, a decision that has investment bankers concerned about future deal making.
Daily Journal Staff Writer
The Delaware Supreme Court nixed an appeal Monday brought by RBC Capital Markets LLC, an investment bank hit with $76 million in damages in a 2014 Court of Chancery ruling.
The state's high court agreed with the lower court's decision that RBC was liable for "aiding and abetting" the board of Rural/Metro Corp.'s breach of fiduciary duty in its $438 million sale to private...
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