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U.S. judge says RBC liable in Rural/Metro buyout case

Started by riky, March 10, 2014, 08:00:22 AM

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riky

U.S. judge says RBC liable in Rural/Metro buyout case

<p><a href="http://news.yahoo.com/u-judge-says-rbc-liable-rural-metro-buyout-200601350--sector.html"><img src="http://l3.yimg.com/bt/api/res/1.2/hfeXeZM99nLiYm54_aVkuQ--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9NzU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2014-03-09T200601Z_1_CBREA281JVA00_RTROPTP_2_CBUSINESS-US-ROYALBANKOFCANADA-RURALMETRO-DECISION.JPG" width="130" height="86" alt="A Royal Bank of Canada (RBC) sign is seen in downtown Toronto" align="left" title="A Royal Bank of Canada (RBC) sign is seen in downtown Toronto" border="0" /></a>A Delaware judge said Royal Bank of Canada should be held liable to former shareholders of Rural/Metro Corp because it failed to disclose conflicts of interest that tainted the $438 million buyout of the ambulance operator. Bankers at RBC Capital Markets were so eager to collect higher fees that they convinced Rural/Metro directors to sell the company in June 2011 to private equity firm Warburg Pincus LLC at an unreasonably low $17.25 per share, wrote Vice Chancellor J. Travis Laster of the Delaware Chancery Court. Former Rural/Metro Corp shareholders are seeking about $172 million from Toronto-based RBC, representing the difference between the buyout price and what they believe the company was worth, according to published reports.</p><br clear="all"/>

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