This case explores the reputational and legal contensions that surfaced as Barclays Capital tried to administer client conflicts by pursuing reputed business practice in the face of changing legal standards. In February 2011, Judge Travis Laster allowed a preliminary injunction that postponed for 20 days, a stockholder vote on the sale of Del Monte Foods Corporation.
In his opinion, Laster was critical of the board, noting the directors may not have properly exercised their fiduciary duties, and the private equity firms of Del Monte. Therefore, he saved his most intense criticism for some entity that was not even a party to the suit: the firm's financial advisor, Barclays Capital. He suggested that Barclays had put its own interests ahead of the company's in its activities and advice.
PUBLICATION DATE: July 27, 2012 PRODUCT #: 313036-HCB-ENG
This is just an excerpt. This case is about FINANCE & ACCOUNTING
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