Officers Face Personal Liability for Steering a Sale of Columbia Pipeline to a Preferred Buyer
By EsqSocial Corporation 07/04/21
The Delaware Court of Chancery in In re Columbia Pipeline Group, Inc. Merger Litigation denied a motion to dismiss claims for fiduciary duty breach in the sale of Columbia Pipeline Group, Inc. (“Columbia”). The Court found that the plaintiff stockholders’ allegations supported the inference that Columbia’s CEO and Chairman Robert Skaggs, Jr. and CFO Steven Smith breached their fiduciary duty of loyalty by favoring TransCanada Corporation in the sale of Columbia....
By: Snell & Wilmer