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Delaware decision interprets director impartiality


Lawyer Neill May


Excerpt from "Delaware decision interprets director impartiality", Neill May, Canadian Lawyer:

There is an old expression that bad facts make bad law. Whether or not that is so, it’s difficult to dispute that bad facts usually make for better reading.

Though the regulatory framework for related party transactions is different in the United States, and fiduciary duties aren’t always interpreted and applied in the same manner, decisions by the prolific Delaware courts dealing with conflicts can be instructive, and the decision of the Court of Chancery in Re BGC Partners, Inc. falls firmly into the category of interesting reading.

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