Law360, New York ( April 27, 2015, 11:29 AM EDT) -- On April 20, 2015, the Delaware Court of Chancery issued a decision awarding $171 million in damages to the common unit holders of a limited partnership against its general partner in connection with a "drop-down" transaction. The decision is the latest in a series of decisions by the Chancery Court concerning the conduct of directors and advisers in conflict-of-interest and/or sale-of-the-company transactions. See also In re Rural/Metro Corp. Shareholders Litigation, No. 6350-VCL (Del. Ch. Oct. 10, 2014); Chen v. Howard-Anderson, No. 5878-VCL (Del Ch. April 8, 2014); In re Orchard Enterprises Inc. Shareholder Litigation, No. 7840-VCL (Del. Ch. Feb. 28, 2014). The decision yet again highlights areas that should be of concern to boards and their advisers in such transactions....
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