Jim Rudolph, managing partner of Rudolph Friedmann, LLP, was quoted in “Shareholder challenge to EMC sale blocked” in the January 20 issue of Massachusetts Lawyers Weekly. The article discusses IBEW Local No. 129 Benefit Fund v. Tucci, et al, a case of first impression in the Massachusetts Superior Court, which found that shareholders of EMC Corp. could not bring a direct class action accusing company directors of breaching a fiduciary duty by recommending EMC’s sale for an allegedly inadequate price.
Jim, who represents shareholders in stock disputes, said while the decision may be new law, it is a “consistent extension of recent Massachusetts decisions” and is line with the law in other states as well. However, he noted, it leaves unanswered some questions for future courts to address regarding fiduciary duties owed by directors to shareholders.
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