The Delaware Court of Chancery has found that financial adviser RBC Capital Markets LLC aided and abetted a breach of fiduciary duties by directors of a for-profit ambulance service provider when it was sold to Warburg Pincus LLC for $438 million in 2011.
Although the court has not yet awarded damages to shareholders of the ambulance company, Rural/Metro Corp., Vice Chancellor J. Travis Laster said that the case’s facts could support a bad-faith fee award.
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