Barclays Accused Of Aiding Unfair $5B Del Monte Deal

Law360, New York (February 22, 2011, 4:20 PM EST) -- A group of Del Monte Foods Co. shareholders challenging the proposed $5.3 billion private equity buyout of the company have added claims alleging Barclays Capital Inc. manipulated the sale process to reap fees on both ends of the deal.

In its capacity as Del Monte’s financial adviser, Barclays aided and abetted breaches of fiduciary duty already alleged against Del Monte’s board, deceiving directors at every turn to guide the company into the hands of a private equity group for which the bank provided financing, according to...
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