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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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Director Fiduciary Duties After In re Nine West LBO Securities Litigation | McGuireWoods LLP

Much ado about … not much? While not a major paradigm shift in the fiduciary duty standard applicable to directors considering corporate change-of-control transactions, t. ....

New York , United States , Stuart Weitzman , Kurt Geiger , Jones Group , Jones Group Inc , Nine West Holdings Inc , Us District Court , Nine West , Southern District , Sycamore Partners Management , Nine West Holdings , Carve Out Transactions , புதியது யார்க் , ஒன்றுபட்டது மாநிலங்களில் , ஸ்டூவர்ட் வெய்ட்ஸ்மேன் , கர்ட் கைகர் , ஜோன்ஸ் குழு , ஜோன்ஸ் குழு இன்க் , ஒன்பது மேற்கு ஹோல்டிங்ஸ் இன்க் , எங்களுக்கு மாவட்டம் நீதிமன்றம் , ஒன்பது மேற்கு , தெற்கு மாவட்டம் , சைக்காமோர் கூட்டாளர்கள் மேலாண்மை , ஒன்பது மேற்கு ஹோல்டிங்ஸ் , செதுக்கும் ஔட் பரிவர்த்தனைகள் ,

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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Warning to Directors of Selling Companies: Breach of Fiduciary Duty Liability May Exist for Failure to Investigate and Ensure Solvency of Company Post-Closing and Propriety and Effect of All Related Transactions (But You Can Protect Yourself) | Weil, Gotshal & Manges LLP

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A recent ruling from the United States District Court for the Southern District of New York sent shock waves through the legal and financial community, with some shouting that this “could be a gamestopper for the private equity business.”
1 Although the ruling in
In re Nine West LBO Securities Litigation
2 breaks new ground and arguably narrows the protections available to directors under the normally-broad business judgment rule, there are clear lessons others can take from this saga to prevent a similar fate.
The headline issue that has people up in arms is the court’s holding that directors of a selling corporation may lose the benefit of the business judgment rule and be held liable, under a breach of fiduciary duty theory, for not undertaking a reasonable investigation into the company’s post-sale solvency and the propriety and effect of any contemplated post-closing transactions that co ....

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