A Canadian investment bank was properly held liable for aiding and abetting a breach of fiduciary duty on the part of the board of directors of Rural/Metro Corp. in its acquisition by Warburg Pincus, a global private equity firm, the Delaware Supreme Court ruled unanimously Monday.
Justice Karen L. Valihura, writing for the high court en banc, affirmed a decision of the Delaware Court of Chancery holding the investment bank, RBC Capital Markets, liable for more than $75 million in damages suffered by shareholders in Rural/Metro, a for-profit provider of medical transportation services.
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