Decision On Fiduciary Duties
The High Court of England and Wales has issued an important judgment concerning the fiduciary duties of directors. Sharp v Blank concerned a claim by 5800 claimants against the chairman and four out of the 13 directors of Lloyds Bank at the time for damages of £385 million arising out of decisions they made in relation to the takeover by Lloyds of HBOS. The acquisition had been approved at an EGM with 96% in favour of the unanimous board recommendation to proceed with the acquisition. The...
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