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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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