Royal Bank of Canada liable to former Rural/Metro shareholders in buyout
Send this story to a friend
Mar 10, 2014, 11:43pm MST
- Staff Phoenix Business Journal
Royal Bank of Canada[1] was held liable by a Delaware judge for failing to disclose conflicts of interest in Rural/Metro[2] Corp.'s $438 million buyout.
Reuters reported the bankers convinced Rural/Metro to sell itself for what likely was less than fair value in order to collect higher fees on the deal.
Shareholders are seeking about $172 million from the Toronto-based bank.
References
- ^ Royal Bank of Canada (www.bizjournals.com)
- ^ Rural/Metro (www.bizjournals.com)
- ^ Read more here. (www.reuters.com)