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Article: Illinois Circuit Court Reinforces Seventh Circuit's Limitation On Financial Advisors' Liability Under Fairness Opinions.(Case overview)
- Article from:
- Mondaq Business Briefing
- Article date:
- February 16, 2009
- Author:
CopyrightCOPYRIGHT 2009 Mondaq Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Three recent decisions, taken together, offer valuable guidance to financial advisors for avoiding liability when issuing financial opinions.
In a recent notable case, an Illinois circuit court enforced language in the engagement letter limiting the financial advisor's relationship, and thus liability, to its corporate client only. This decision follows two decisions by the U.S. Court of Appeals for the Seventh Circuit, affirming the principle that a financial advisor owes no duty to the stockholders of its corporate clients when issuing a fairness opinion, so long as such limitation on liability is explicitly stated in the contractual relationship.
Ron ...
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... ... Brown & Sons, Goldman, Sachs and Morgan Stanley. Each of these ... IPOs this year, Goldman, Sachs, Morgan Stanley and Alex. Brown ... RANK # OF ISSUES Goldman, Sachs 59.8% 1 22 Morgan, Stanley 58.9 2 16 Alex ...
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