Last month, Yahoo!, the California-based Internet service provider, rejected was some Yahoo! shareholders regarded a “generous” offer by U.S. software giant, Microsoft. Following Yahoo!’s rejection, some disgruntled Yahoo shareholders sought legal remedies to voice their dissatisfaction with Yahoo’s decision. The suits filed against Yahoo! allege a breach of Yahoo!’s fiduciary duty in that Microsoft’s offer was fair, generous, and ultimately a maximization of the shareholder’s value. Interesting! The plaintiffs will attempt to prove that the individuals involved in the decision benefitted in that they achieved a personal objective in rejecting the offer. "The complaint alleges that Yahoo!’s board members 'placed personal distaste for Microsoft ahead of shareholder welfare' and have breached their fiduciary duties by rejecting Microsoft’s value-maximizing offer." Several other cases about fiduciary duties are also in this article:
http://iblsjournal.typepad.com/illinois_business_law_soc/2008/03/breach-of-fiduc.html#more
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