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Sellers Beware: Fiduciary Duty Risks to Directors | Sheppard Mullin Richter & Hampton LLP

Sellers Beware: Fiduciary Duty Risks to Directors | Sheppard Mullin Richter & Hampton LLP
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Sellers Beware: Fiduciary Duty Risks to Directors

Sellers Beware: Fiduciary Duty Risks to Directors
Wednesday, March 17, 2021
A recent decision by a New York federal district court illustrates significant potential pitfalls for sellers in leveraged buyouts and similarly structured transactions. In particular, it highlights the potential risks under fiduciary duty theories to directors and private equity-appointed directors, even in multi-step transactions with customary disclaimers and exculpatory by-laws.
In
In re Nine West LBO Securities Litigation, Case No. 20-2941. 2020 WL 7090277 (S.D.N.Y. Dec. 4, 2020), the United States District Court for the Southern District of New York entered an order granting in part and denying in part motions to dismiss for various claims for breach of fiduciary duty, aiding and abetting breach of fiduciary duty, and violations of 15 Pa. Cons. Stat. §§ 1551 and 1553. The Court’s reasoning potentially creates serious ramifications with respect to fiduciaries’ ....

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Structured and Leveraged Buyout May Breach Fiduciary Obligations | Spilman Thomas & Battle, PLLC

Most mergers and acquisitions and bankruptcy practitioners are well aware of the ever-increasing use of leveraged buy-out ("LBO") by publicly traded companies and private equity groups. ....

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Review of Target Board LBO Practices May Be Warranted Based on the Nine West Decision-But We Believe the Decision's Impact Has Been Overstated

Review of Target Board LBO Practices May Be Warranted Based on the Nine West Decision-But We Believe the Decision's Impact Has Been Overstated
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Potential Limitations to Corporate Director Protections: An Analysis of the Recent Nine West Decision | Quinn Emanuel Urquhart & Sullivan, LLP

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A great deal of buzz has been generated by the recent decision from the Southern District of New York in
In re: Nine West LBO Securities Litigation, No. 20 MD 2941 (JSR) 2020 WL 7090277 (S.D.N.Y. Dec. 4, 2020), with some commentators questioning whether the decision places directors who approve a leveraged buyout at risk of liability for the actions of subsequent boards that occur long after they cease to be directors, or expands directors’ duties beyond maximizing value for shareholders.
See, e.g., Sujeet Indap, Dealmakers warn of chilling effect on buyouts from US court ruling, Financial Times (Dec. 15, 2020), ....

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