Another Reason to Hire BV Appraisers: Independent Directors Liable for Improper Securities Disclosures

Business Valuation UpdateVol. 12 No. 6
Legal and Court Case Update
June 2006

Access the Full Article

This article is available with a subscription to any of these products:
Already a subscriber?  Login
This article is also available for purchase. (464 words)   Add to Cart >>
Need help? Contact us:
1-503-479-8200 ext 2 or sales@bvresources.com
6722 Management Investment Offices, Open-End
525910 Open-End Investment Funds
securities litigation
The Rockies Fund, Inc., et al. v. Securities and Exchange Commission
2005 U.S. App. LEXIS 24521
November 15, 2005
US
Federal Court
District of Columbia
United States Court of Appeals
David A. Zisser, David E. Carney, Edward J. Meehan, Eric Summergrad, Giovanni P. Prezioso, Leslie E. Smith
Sentelle

Summary

Court finds that mutual fund directors—including independents—showed “extreme departure” from duty of care by failing to assign fair value to funds’ holdings.

See Also

The Rockies Fund, Inc., et al. v. Securities and Exchange Commission

Full Text of Court Cases
November 15, 2005

Court finds that mutual fund directors—including independents—showed “extreme departure” from duty of care by failing to assign fair value to funds’ holdings.