Delaware Court of Chancery decisions in the El Paso and Del Monte Foods shareholder litigation do not represent a change in how financial advisers are scrutinised regarding material conflict of interest claims, Delaware Supreme Court Chief Justice Myron Steele has said.
Chief Justice Steele spoke alongside Chancery Court Chancellor Leo Strine – author of the El Paso opinion which criticised Goldman Sachs but stopped short of enjoining the sale to Kinder Morgan –at the International Bar Association’s annual M&A conference yesterday in New York.
“The court’s focus isn’t on an investment banker who says to us, ‘You just...