Law360, New York (October 20, 2009, 3:11 PM ET) -- A federal appeals court has upheld a lower court's finding that six board members and founders of WahlcoMetroflex Inc. breached their fiduciary duty to a fellow founder and former board chairman in an issuance of equity shares to raise money for the emissions-control equipment manufacturer.
The U.S. Court of Appeals for the First Circuit denied the appeal and cross-appeal on Monday, affirming the Maine District Court's November 2008 decision that the directors exercised due care in completing the first of two issuances when the company was...
1st Circ. Sides With Former WMI Chair In Equity Spat
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