Fairness Opinion Triggers Viable Aiding and Abetting Claim Against Financial Advisor

BVLaw
Court Case Digests
August 29, 2018

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shareholder dissent/oppression
fair value, breach of fiduciary duty, discounted cash flow (DCF), multiple, limited partnership, fairness opinion, earnings before interest, taxes, depreciation, amortization (EBITDA), market value, aiding and abetting
Mesirov v. Enbridge Energy Co.
2018 Del. Ch. LEXIS 294
US
State Court
Delaware
Court of Chancery
Simmons & Co. International (financial advisor)
Slights

Summary

In dispute over related-party transaction, court upholds aiding and abetting claim against financial advisor; plaintiffs produced enough facts to show fairness opinion ignored most relevant precedent transaction and other valuation metrics indicating the buyer was overpaying for contested asset.

See Also

Mesirov v. Enbridge Energy Co.

Full Text of Court Cases
August 29, 2018

In dispute over related-party transaction, court upholds aiding and abetting claim against financial advisor; plaintiffs produced enough facts to show fairness opinion ignored most relevant precedent transaction and other valuation metrics indicating the buyer was overpaying for contested asset.

This article also appears in:
Business Valuation UpdateVol. 24 No. 11