The Delaware Supreme Court recently affirmed the 2014 decisions of the Delaware Court of Chancery finding the lead financial advisor for Rural/Metro Corporation ("Rural") liable to a class of Rural stockholders for aiding and abetting breaches of fiduciary duties by Rural's board of directors in connection with Rural's 2011 sale to an affiliate of Warburg Pincus LLC. By affirming the decisions, which, among other things, set the amount of the financial advisor’s liability at US$75.8 million, the Delaware Supreme Court highlighted the importance of identifying, monitoring and addressing potential financial advisor conflicts of interest.
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