El Paso: Another Black Eye For Investment Banks

Law360, New York (March 21, 2012, 3:36 PM EDT) -- In a case that adds more ammunition to those who question the motives of Wall Street investment bankers, the Delaware Chancery Court recently issued yet another stinging opinion strongly chastising sell-side bankers who were allegedly conflicted in the M&A advice they provided to a board of directors that was considering a takeover bid. Chancellor Leo E. Strine’s warnings to investment bankers in his decision in In re El Paso Corporation Shareholder Litigation[1] are perhaps the strongest-worded admonitions issued by the Delaware Chancery Court to date....
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